Wunderlich Securities Lowers HBHC Target To $42 From $45

Wunderlich Securities is reiterating its Buy rating on shares of Hancock Holding Company HBHC, “but we are adjusting our price target downward by $3.00 to $42.00.” “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.” Hancock Holding Company currently trades at $32.15; Whitney Holding Corporation at $13.10.