First Horizon price target lowered to $25 from $28 at Jefferies

Jefferies analyst David Chiaverini lowered the firm’s price target on First Horizon (FHN) to $25 from $28 and keeps a Buy rating on the shares following the company’s Q3 earnings report, which included reaffirmed FY25 guidance. The firm called the Q3 results “strong,” but noted that the stock declined when management “suggested potential interest in bank M&A as a buyer,” despite the firm’s expectation of First Horizon as a takeout candidate, a shift that Jefferies called “a near term overhang.” However, with the lower valuation, Jefferies believes the company remains “in play as a target.”