First Horizon assumed with a Buy at UBS

UBS assumed coverage of First Horizon (FHN) with a Buy rating and price target of $25, up from $19.50. The firm says the company’s revenue growth and capital optionality, on top of moderating Federal Reserve rate cut expectations, underlie its positive view. The more modest pace of rate cuts bodes well for First Horizon to alleviate margin pressure stemming from its asset-sensitive balance sheet, the analyst tells investors in a research note.