UPDATE: Morgan Stanley Downgrades First Horizon National to Equal-Weight on Lack of Catalysts
In a report published Thursday, Morgan Stanley analyst Ken Zerbe downgraded the rating on First Horizon National Corporation (NYSE: FHN) from Overweight to Equal-Weight, but reiterated the $11.00 price target.
In the report, Morgan Stanley noted, “The FHN shares have outperformed the midcap bank group by over 14 percentage points since the company took its large $250 million charge to bolster its reserves against further GSE repurchase requests in 2Q12. With expense reductions over the next several quarters fully reflected in our estimates, we see few catalysts that would drive material outperformance of the FHN shares near term.”
First Horizon National Corporation closed on Wednesday at $11.25.
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