UPDATE: Compass Point Upgrades First Horizon National Corporation to Neutral
Compass Point raised its rating on First Horizon National Corporation (NYSE: FHN) from Sell to Neutral as it believes the worst-case scenario no longer applies to the company.
Compass Point said, "We are upgrading shares of FHN from Sell to Neutral. We continue to expect that revenue growth will remain underwhelming and private label putback risk cannot be ignored. However, our scenario analysis suggests a worst case outcome for putbacks and Basel III implementation would be required in order to justify a Sell rating at the current level, particularly based on a risk/reward framework."
First Horizon National Corporation closed at $8.23 on Tuesday.
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