Hancock Whitney price target lowered to $62 from $72 at Raymond James

Raymond James lowered the firm’s price target on Hancock Whitney (HWC) to $62 from $72 to reflect lower industry multiples, while keeping a Strong Buy rating on the shares following Q1 results that exceeded forecasts/consensus on both a core EPS and PPNR basis. Moreover, its outlook now includes the previously-acquisition of Sabal Trust which, in part, drives an upward revision to its adjusted PPNR guide from 3.5%-4.5% to 6%-7% while its noninterest expense guide of 4%-5% was reiterated, the firm says. In turn, and coupled with continued strength on the credit front, robust capital ratios, and strong profitability juxtaposed discounted valuation vs. peers, Raymond continues view risk-reward positively where its EPS estimates move modestly higher.