First Horizon price target lowered to $23 from $25 at Raymond James

Raymond James lowered the firm’s price target on First Horizon (FHN) to $23 from $25 and keeps an Outperform rating on the shares. The firm noted that on its quarterly call, management opened the door to potential in footprint tuck-in acquisitions where the general opinion in the investor/analyst community has been it was more likely a seller in the short- to intermediate-term. Raymond James added that it continues to see a positive risk-reward skew given the benefit from lower rates to its counter-cyclical businesses, an initial flattish expense/mid single-digit loan growth outlook in 2026, and still-elevated scarcity value.