UPDATE: Citigroup Maintains Neutral, Lowers PT to $9 on First Horizon National Corporation on Lower NIMs

Citigroup remains rated Neutral on First Horizon National Corporation

and reduces its price target from $10 to $9. Citigroup notes, "We slightly reduce our 2012, 2013 and 2014 NIM estimates by 2 bps, 3 bps and 8 bps, respectively to 3.10%, 3.14% and 3.19%. This compares to 3.12% at the end of 1Q12. …In the hypothetical case that rates remain flat through 2014, we estimate that 2014 estimates could fall by another ~6% vs our new estimate. Our 2012 and 2013 estimates would remain unchanged." FHN closed at $7.99 on Thursday.