Wells Fargo Downgrades First Horizon National (FHN) to Market Perform; Trends Weakening

Wells Fargo downgraded First Horizon National (NYSE: FHN) from Outperform to Market Perform with a price target range lowered from $11-12 to $9.50-10.50.

Analyst, Matthew H. Burnell, said, "FHN reported EPS of $0.12, below our $0.13 estimate and consensus of $0.13. Core ROTCE was 6%...While we continue to believe FHN should eventually drive meaningful PPNR and EPS growth as it works through legacy issues and executes its "bonefish" strategy, this now appears less certain and has been pushed further into the future than we had previously thought. As a result, we downgrade our rating on FHN shares."

Cuts FY12/13 EPS estimate from $0.70/1.00 to $0.60/0.90.

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 $9.18 yesterday.

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