JPMorgan lowered the firm’s price target on First Horizon (FHN) to $23 from $25 and keeps a Neutral rating on the shares following the Q3 report. Management’s comments regarding the potential to engage in bank acquisitions drove the stock selloff yesterday although similar comments were provided at a conference several weeks ago, the analyst tells investors in a research note. The firm is not surprised by the pullback given that First Horizon previously engaged in a takeover.
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