Hancock Whitney price target raised to $57 from $55 at DA Davidson

DA Davidson analyst Gary Tenner raised the firm’s price target on Hancock Whitney to $57 from $55 and keeps a Buy rating on the shares after its Q1 earnings beat. The company appears “well-positioned” to counteract an expected interest rate easing given its ability to manage its funding costs, continued repricing of fixed rate loans, 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 but potentially accelerating later in the year and into 2025, the firm added.