First Horizon downgraded to Neutral from Buy at UBS

UBS downgraded First Horizon (FHN) to Neutral from Buy with a price target of $25, down from $29, after assuming coverage of the name. The firm sees limited upside in the shares without a takeover announcement. First Horizon seems more likely to be a near-term acquirer based on management’s comments, which would “at a minimum compress the deal premium we believe is still imbedded in the current valuation,” the analyst tells investors in a research note.