Wells Fargo analyst Timur Braziler lowered the firm’s price target on First Horizon (FHN) to $23 from $25 and keeps an Equal Weight rating on the shares. The firm notes that management’s statements of being “increasingly confident in their ability to integrate a well-structured merger” is a not-so-subtle shift from prior messaging, which was more implicit. Wells still believes a near-term sale is likely off the table. Shares may be pressured if a deal is announced, which the firm would view as the better catalyst.
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