Analyst Actions: Hancock Holding Downgraded, TP Cut $7 at Credit Suisse; Shares Drop 5%

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Hancock Holding Company ( HBHC ) has been downgraded at Credit Suisse to an Underperform rating from Neutral. The price target on the stock has been lowered to $25 from $32 a share.

"We are lowering HBHC to Underperform (from Neutral) partly based on a lower-than-expected core earnings power excluding accretable yield," said Credit Suisse. " A newly disclosed core margin that now excludes both Whitney & Peoples (not just WTNY) is 20-30 bps lower than our prior estimate and creates a larger earnings hole to fill as acquired loans run-off."

The firm also lowered their our 2013E and 2014E EPS to $2.40 and $2.50, from $2.55 and $2.75 respectively due to a lower core margin and higher credit costs.

Shares of HBHC are down 4.7% to $29.98 in mid-day trading, within a 52-week range of $27.95 - $36.73.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: HBHC

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