UPDATE: Jefferies Lowers PT on First Horizon National to $12 (FHN)

Jefferies is out with its report today on First Horizon National (NYSE: FHN), lowering its PT from $13 to $12.

In a note to clients, Jefferies writes, "We are updating our EPS estimates following 1Q11 results released on 4/21. While GAAP EPS of $0.15 was $0.10 above consensus estimates, the beat was generated by reserve release and earlier than expected expense saves. Longer-term earnings power was impaired by an earning asset decline and lower fee revenues. We are lowering our price target to $12 (from $13) on a lower 2013 earnings estimate."

Shares of FHN closed Monday at $10.57, up 2.13% from Thursday's close.