UPDATE: Morgan Keegan Raises PT on Hancock Holding to $36

Morgan Keegan is out with its report today on Hancock HBHC, raising its PT from $34 to $36. In a note to clients, Morgan Keegan writes, "We are raising our FY11 and FY12 EPS estimates to $2.00 from $1.60 and to $2.60 from $2.45 respectively with the increase driven by the exclusion of merger related charges which were previously included in our estimates. Our twelve month PT of $36 (up from $34) implies 14x P/2012 EPS and 2.0x Price/YE11 TBV estimates." Morgan Keegan Maintains Market Perform on HBHC. Shares of HBHC closed Friday at $32.70.