UPDATE: J.P. Morgan Maintains Overweight Rating, But Lowers PT on First Horizon National

In a report issued earlier today, J.P. Morgan & Co. maintained its Overweight rating for First Horizon National Corporation FHN, but slightly lowered its price target from $12.50 to $11.50. J.P. Morgan went on to say “we would use the weakness in the shares as a buying opportunity. While we could still see an unexpected surprise or two on the mortgage provision front (as we did this past quarter) with each passing quarter not only is the company boosting earnings power via buybacks, but we also believe we get one step closer to the company evolving into one of the highest ROTE banks in the industry.” First Horizon National Corporation closed at $9.18 yesterday.