Compass Point Upgrades First Horizon National (FHN) to Neutral; Worst Case Scenario Off The Table Now

August 1, 2012 7:06 AM EDT Send to a Friend
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Price: $11.24 --0%

Rating Summary:
    5 Buy, 16 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Compass Point upgraded First Horizon National (NYSE: FHN) from Sell to Neutral with a price target of $8.00.

Analyst, Mike Turner, said, "We continue to expect that revenue growth will remain underwhelming and private label putback risk cannot be ignored. However, our scenario analysis suggests a worst case outcome for putbacks and Basel III implementation would be required in order to justify a Sell rating at the current level, particularly based on a risk/reward framework...We lower our FY12/13 EPS estimates from $0.22 and $1.10 to $0.04 and $0.89, respectively."

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 $8.23 yesterday.




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