Compass Point Downgrades First Horizon National (FHN) to Sell Into Q1 Results

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Compass Point downgraded First Horizon National (NYSE: FHN) to Sell with a price target of $8 (down from $11), citing added risk into Q1 results.

"We believe there is a significant risk of a material increase in repurchase provision due to a lawsuit filed by USB, acting as Trustee. Also, we believe there is a material risk that provision will be much higher than anticipated due to an accounting guidance change for home equity loans. We are not changing our earnings estimates, but note that there is material risk for a significant negative earnings surprise. Our $8 price target is the result of increasing our required rate of return from 8.5% to 12% due to the additional risks mentioned."


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 $10.21 yesterday, with a 52 week range of $5.38-$11.47.

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