UPDATE: Jefferies Lowers PT on First Horizon National

Jefferies is out with its report today on First Horizon National (NYSE: FHN), lowering its PT to $8 from $9.

In its report, Jefferies writes, "Our estimate revisions reflect the more challenging interest rate environment and difficulty for the bank in lowering funding costs. Our 2011 EPS estimate goes to $0.55 (from $0.58), 2012 goes to $0.65 (from $0.70), and 2013 goes to $0.80 (from $0.85). Our price target goes to $8 (from $9)."

Jefferies maintains Hold on FHN.

Shares of FHN closed Friday at $6.21.