First Horizon National Corp. Lowered to Hold at Wunderlich (FHN)
First Horizon National Corp. (NYSE:FHN) was downgraded by analysts at Wunderlich from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, TheFlyOnTheWall.com reports. They currently have a $11.00 price objective on the stock, down from their previous price objective of $13.00. Wunderlich’s price target points to a potential downside of 2.74% from the stock’s previous close.
The analysts wrote, “We are downgrading shares of First Horizon National Corp. (FHN) to Hold from Buy at this time as we lower our price target to $11 from $13. After visiting with FHN management in Memphis, Tennessee last week, our outlook on FHN shares is incrementally more cautious given a persistently difficult environment with near-term headwinds impacting both FHN’s spread-based banking business as well as its fixed income sales operation. Over the long-term as the economic environment strengthens and interest rates normalize at higher levels, First Horizon’s commercially oriented focus is well-positioned to produce meaningfully higher growth and profitability. However, much of this long-term benefit is already captured in FHN’s premium valuation vs. Regional Bank peers.”
Shares of First Horizon National Corp. (NYSE:FHN) traded down 0.80% during mid-day trading on Tuesday, hitting $11.22. The stock had a trading volume of 2,103,223 shares. First Horizon National Corp. has a 52 week low of $8.90 and a 52 week high of $12.74. The stock has a 50-day moving average of $11.92 and a 200-day moving average of $11.22. The company has a market cap of $2.699 billion and a P/E ratio of 18.51.
First Horizon National Corp. (NYSE:FHN) last issued its quarterly earnings data on Friday, July 19th. The company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by $0.02. During the same quarter in the prior year, the company posted ($0.50) earnings per share. Analysts expect that First Horizon National Corp. will post $0.74 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Guggenheim raised their price target on shares of First Horizon National Corp. (NYSE:FHN) from $12.00 to $13.50 in a research note to investors on Monday, July 29th. Separately, analysts at Compass Point raised their price target on shares of First Horizon National Corp. (NYSE:FHN) from $10.00 to $11.50 in a research note to investors on Monday, July 29th. Finally, analysts at Deutsche Bank raised their price target on shares of First Horizon National Corp. (NYSE:FHN) from $10.00 to $12.00 in a research note to investors on Thursday, July 25th.
Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $11.05.
First Horizon National Corporation (NYSE:FHN) is a bank holding company.
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