Trustmark initiated with a Neutral at DA Davidson

DA Davidson analyst Kevin Fitzsimmons initiated coverage of Trustmark with a Neutral rating and $38 price target. The analyst is positive on the company’s reputation for long-term stability and a healthy low-cost deposit franchise as well as the management efforts to layer on additional growth via new markets, lines of business, and investing in technology. Fitzsimmons adds however that with Trustmark stock having already outperformed and now trading at a premium multiple, he prefers a better entry point.