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UPDATE: Wunderlich Securities Upgrades Renasant to Buy on Accretive Acquisition

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In a report published Friday, Wunderlich Securities upgraded its rating on Renasant Corp. (NASDAQ: RNST) from Hold to Buy, and raised its price target from $20.00 to $25.00.

Wunderlich Securities noted, “We are upgrading shares of Renasant Corp. (RNST) to Buy and we are raising our price target to $25 from $20 after the company announced the highly accretive acquisition of Kosciusko, MS-based First M&F Corp. (FMFC-NR) for approximately $115 million in an all-stock transaction, expected to close in 3Q13. Although this is the company's first open-bank acquisition since 2007, the risks associated with such a large acquisition (~+35% in assets) should be mitigated by the in-market nature of this merger. Also, EPS accretion will be immediate and significant, as evidenced by our upward revisions to estimates. In a slow-growth, flat-rate environment, RNST stands out as one company with many levers to pull in the pursuit of EPS growth.”

Renasant Corp. closed on Thursday at $18.96.

Latest Ratings for RNST

DateFirmActionFromTo
Aug 2019MaintainsHold
Aug 2019Initiates Coverage OnNeutral
Jun 2019Initiates Coverage OnHold

View More Analyst Ratings for RNST
View the Latest Analyst Ratings

Posted-In: Wunderlich SecuritiesAnalyst Color Upgrades Analyst Ratings

 

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