Barclays Lowers Numbers on First Horizon National (FHN) After $272 Million Pre-announcement

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Barclays maintains an 'Equalweight' on First Horizon National (NYSE: FHN) price target of $12.00 (from $13.00).

Analyst, Jason M. Goldberg, made note of First Horizon's announcement last night regarding the $272 million pretax charge for mortgage repurchase and pending litigation matters. Goldberg cut Q2 EPS estimate from $0.64 to a loss of (0.49) and chopped FY12 EPS estimate from $0.53 to $0.09.

Goldberg said, "Other names with above average GSE mortgage repurchase exposure includes Bank of America (NYSE: BAC), Fifth Third (Nasdaq: FITB), JPMorgan (NYSE: JPM), PNC (NYSE: PNC), SunTrust (NYSE: STI) and Wells Fargo (NYSE: WFC). Recall, PNC recently revealed it is experiencing recent elevated levels of GSE-related (FRE) repurchase demands primarily in 2005-08 vintages."

For an analyst ratings summary and ratings history on First Horizon National click here. For more ratings news on First Horizon National click here.

Shares of First Horizon National closed at $7.91 yesterday, with a 52 week range of $5.38-$10.99.

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