Wunderlich Reiterates Buy On First Horizon, Lowers Price Target $1 (FHN)

Wunderlich Securities analysts Kevin Reynolds and Jeremy Lucas reiterated their Buy rating for First Horizon National Corp. (NYSE: FHN). FHN is one of the bank hold companies in the United States.

Wunderlich hosted investor meetings with FHN management on June 8th and 9th.

The price target was lowered by $1 to $16, reflecting a common stock dividend issuing.

FHN has decreased its number of problem loans for four straight quarters. Credit costs dropped for the third consecutive quarter.

"Over the next few years, the banking industry will undergo massive change, and companies with strong capital, expert management, and a proven ability to execute and adapt to change will outperform in this challenging environment. FHN is one such company that we believe is well on its way to sustainably higher profitability over the next few years, suggesting that FHN shares are meaningfully undervalued at current levels," the analysts opined.

Wunderlich's price target for FHN is $16.00. FHN is currently trading at $11.33.