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

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.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Walmart (WMT) PT Lowered to $130 at UBS on Investment Narrative's Competing Dynamics
• Intchains Group Ltd (ICG) PT Lowered to $2 at Benchmark Following 1H Results
• UBS says bull market has further to run