Renasant ticks up after Raymond James upgrades to 'strong buy'

Shares of regional lender Renasant RNST.N rise 0.7% to $31.33 premarket

Raymond James upgrades RNST shares to "strong buy" from "outperform" following Q1 results

Brokerage says its more positive view reflects the earlier-than-expected deal closing of its acquisition of rival First Bancshares as well as the strong start to the year

RNST closed up 8.7% at $31.11 on Wednesday, after Q1 results topped market consensus

Raymond James anticipates RNST will produce "top-tier" results over the next few quarters amid noise as the deal is integrated

Brokerage's $40 PT on RNST represents a 28.6% upside to stock's last close

Four of 6 brokerages rate the stock "buy" or higher and 2 "hold"; median PT is $41 - data compiled by LSEG

As of last close, RNST shares down 13% YTD