UPDATE: Jefferies Raises PT on Hancock Holding Company on Flat Near-Term Earnings Trajectory

In a report published Monday, Jefferies analyst Emlen Harmon reiterated a Hold rating on Hancock Holding Company HBHC, and raised the price target from $31.00 to $32.00.

In the report, Jefferies noted, “While reported earnings in 2Q13 were a little light on higher than expected expenses, the company maintained longer-term guidance including run-rate annual expense saves of $50mm by 4Q13 and flat-to-down quarterly EPS over the near-term. However, our estimates for '13 and '14 are each down a dime, as cost saves appear to be developing slower than expected, and absolute earning asset growth could be limited by mix-shift.”

Hancock Holding Company closed on Friday at $32.90.