Bank of America Maintains Neutral on First Horizon National
Bank of America has published a report on First Horizon National (NYSE: FHN) maintaining the Neutral rating.
In the report, Bank of America wrote, "We maintain our Neutral stance on FHN. We continue to believe FHN offers value for investors with longer-term time horizons, especially when capital distribution accelerates. This said, while mgmt is hard at work at streamlining the company to improve EPS power, we think investors may not pay a premium today for earnings stemming from expense cuts and reserve release. Further, private label putbacks remain an overhang, and we have assumed $107mn ($0.28/share) in related expenses in '12-14. Though the ultimate resolution is unknown, the other risk to consider for the stock is how much weight regulators are giving this issue when assessing capital distribution at FHN."
Bank of America rated First Horizon National a Neutral with a price target of $11.00. First Horizon National closed Friday at $9.60.
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