In a report released today, Ebrahim Poonawala from Bank of America Securities reiterated a Buy rating on First Horizon, with a price target of $27.00.
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Ebrahim Poonawala has given his Buy rating due to a combination of factors that indicate strong future performance for First Horizon. The company’s recent earnings per share exceeded expectations, driven by reduced expenses and provisions, which prompted an upward revision of earnings estimates. Additionally, First Horizon is experiencing accelerated loan growth, which is expected to continue, contributing to higher net interest income.
Moreover, the management’s focus on maintaining a strong capital position and the potential for mergers and acquisitions add to the stock’s attractiveness. The bank’s strategic positioning in the Southeastern market and the potential for improved return on tangible common equity further enhance its investment appeal. These factors, combined with a favorable risk-reward profile, underpin the Buy rating and the increased price objective of $27.
In another report released today, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a $24.00 price target.