Hancock Whitney assumed with a Buy at DA Davidson

DA Davidson analyst Gary Tenner assumed coverage of Hancock Whitney with a Buy rating and $55 price target. The company looks to be well-positioned to counteract an expected interest rate easing given its ability to manage its funding costs, continued repricing of fixed rate loans through 2024, and the benefit from $1.6B of receive fixed/pay floating swaps as the Fed lowers rates, the analyst tells investors in a research note. Hancock Whitney’s balance sheet growth is expected to be modest in 2024, although potentially accelerating later in the year and into 2025 as greater economic and rate visibility develops, the firm added.