Wunderlich Securities Lowers Hancock Holding's PT Tp $42, Reiterates Buy (HBHC)

Wunderlich Securities lowered its Hancock Holding HBHC price target to $42 from $45 and reiterated Hancock Holding's Buy rating in a research report published today. In the report, Wunderlich Securities states, "On December 22, 2010, Hancock announced that it is acquiring Whitney Holding Corporation (WTNY) in an all-stock transaction currently valued at approximately $1.6 billion. The combination of these institutions forms a $20+ billion asset regional bank operating along the I-10 corridor that combines two complementary cultures and significantly improves HBHC's deposit mix and loan composition. The combination, which provides significant expense synergies, should be meaningfully accretive to HBHC shareholders in year one." Shares of Hancock Holding closed Thursday at $32.30, down 0.92% from Wednesday's market close.