First Horizon downgraded to Neutral from Outperform at Baird

Baird analyst David George downgraded First Horizon (FHN) to Neutral from Outperform with an unchanged price target of $25. The firm is less constructive on the U.S. banks following the recent strength in the shares. While this week’s updates have been good, the “margin of safety in these stocks is more limited given the notable rally since the April panic,” the analyst tells investors in a research note. It cites valuation for the downgrade.