First Horizon National (FHN) PT Raised to $19 at RBC Capital

RBC Capital analyst Jon Arfstrom raised the price target on First Horizon National (NYSE: FHN) to $19.00 (from $18.00) while maintaining a Outperform rating.

The analyst comments "We are recapping 2Q results. This was a solid fundamental quarter with well-managed expenses, stable credit, and a strong buyback, though the focus was on the more modest NIM trends and lower NII outlook. Deposit pricing competition increased late in 2Q24, while fixed income results moderated, both a reflection of the no Fed rate-cut thinking that emerged in 2Q. We believe that any Fed rate cuts in 2H24 could help with the outlook, and beyond that, we see core momentum building across the franchise. Fine-tuning estimates and price target."

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