UPDATE: Morgan Stanley Upgrades First Horizon National to Overweight on Clarity to GSE Putback Losses

Morgan Stanley raises its rating on First Horizon National

from Equal-weight to Overweight and increases its price target from $10 to $11. Morgan Stanley notes, "We are upgrading First Horizon to Overweight from Equal-weight. Its reserve build for probable future GSE putback losses, based on new information from Fannie Mae, removes one of the biggest overhangs on the stock: uncertainty. Shares look highly attractive at 8.8x our revised 2013 EPS." FHN closed at $7.91 on Monday.