UPDATE: Wunderlich Securities Reiterates On BancorpSouth, Inc. Following Investor Meetings

In a report published Monday, Wunderlich Securities analyst Kevin Reynolds reiterated a Buy rating on

, but lowered the price target from $30.00 to $28.00. In the report, Wunderlich Securities noted, “We reaffirm our Buy rating on shares of BancorpSouth (BXS) although we are lowering our price target by $2 to $28 at this time. Wunderlich hosted BXS executives for 3 days of positive investor meetings in the Midwest last week. Investors were primarily focused on the strengthening long-term fundamental outlook and were not overly concerned with the regulatory issues that resulted in delays with pending M&A transactions. That said, we have adjusted our expectations for the timing of M&A closings to be conservative, not in response to any specific developments or new information. In our opinion, BXS shares are meaningfully undervalued on a stand-alone basis (excluding acquisitions), even more so once the company closes on its pending deals, hence our Buy rating on BXS shares.” BancorpSouth closed on Friday at $21.53.