Evercore ISI downgraded First Horizon (FHN) to In Line from Outperform with a price target of $20, down from $26. Despite yesterday’s post-earnings selloff, the firm sees limited meaningful upside catalysts to the shares. The stock dropped 11% yesterday as management appeared to open the door to potential whole bank acquisitions, which countered investor sentiment that First Horizon is more likely a seller, the analyst tells investors in a research note. Evercore now views a potential sale of the bank as unlikely over the next 12 months. As such, the firm views the stock’s current valuation as fair.
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