Wedbush upgraded First Horizon to Outperform from Neutral with a price target of $14, up from $12, and added it to the Best Ideas List. The firm’s base case macro forecast for 2024 is that the U.S. experiences at least a mild recession, and First Horizon exhibits the characteristics that the firm is favoring in this backdrop, the analyst tells investors in a research note. First Horizon is well positioned to navigate through a potential recession given its high capital ratios relative to peers, strong tangible book value growth, and attractive valuation, especially when taking into account loan and securities fair value marks, the firm argues.
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Read More on FHN:
- Bill Gross says he’s buying Truist, Citizens, KeyCorp, First Horizon shares
- First Horizon Declares Cash Dividends on Common and Preferred Stock
- First Horizon Corporation Reports Third Quarter 2023 Net Income Available to Common Shareholders of $129 Million, or EPS of $0.23; $150 Million, or $0.27, on an Adjusted Basis*
- First Horizon reports Q3 adjusted EPS 27c, consensus 24c
- Notable companies reporting before tomorrow’s open
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