Renasant upgraded to Overweight from Neutral at Piper Sandler

Piper Sandler analyst Stephen Scouten upgraded Renasant (RNST) to Overweight from Neutral with a price target of $40, up from $34. Last week’s deal announcement and the subsequent $230M common equity raise “significantly changes the forward trajectory” for the Renasant franchise, the analyst tells investors in a research note. The firm believes the price paid for First Bancshares (FMBS) “was a necessary pain-point” for Renasant to move into a higher tier of scale and profitability.