Deutsche Bank Downgrades First Horizon National (FHN) to Hold; Moving to Sidelines

Deutsche Bank downgraded First Horizon National (NYSE: FHN) from Buy to Hold.

Deutsche analyst says, "The stock is up 15% YTD (and 55% since early Oct) given aggressive share buybacks and some easing of mortgage putback concerns. But the impact of buybacks could be less meaningful (higher stock price and it's unclear how quickly another buyback will be approved once this one is used). Also, net interest income may be flattish for a few quarters, loan loss provision expenses will start to creep up (as reserve releases moderate) and a meaningful decline in expenses will depend on lower mortgage putback costs (which seem likely later this year, but may be mostly in the stock at this point). Over time, the combination of excess capital (Tier 1 common of 11.7%) and a patient mgmt team should provide good EPS upside--but this may take a while to play out."

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 $9.12 yesterday.

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