In a report published Tuesday, Keefe, Bruyette & Woods analyst Jefferson Harralson reiterated an Outperform rating on First Horizon National Corp. FHN, and raised the price target from $15.00 to $16.00.
In the report, Keefe, Bruyette & Woods noted, “We are raising our FHN price target to $16 from $15. The new price target is 1.8x the current tangible book and 16.8x 2016 our $0.95 EPS estimate. That said, the $0.95 estimate is nowhere near FHN's ultimate earnings power, which we estimate to be in the $1.26-1.37 EPS range. Our $16 target is only 12x the midpoint of this range, cheaper than peers.”
First Horizon National closed on Monday at $13.41.
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