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First Horizon initiated with a Hold at Truist

Truist analyst John McDonald initiated coverage of First Horizon (FHN) with a Hold rating and $21 price target Investments in forward facing tech, new-to-bank deposits and niche verticals should lay the “groundwork for improved PPNR growth,” but the board has accepted an M&A bid previously, which embeds future takeout hopes, the analyst tells investors.

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