Shares of First Horizon National (NYSE:FHN) got a boost today, which can be attributed to an analyst upgrade. Indeed, Jared Shaw of Wells Fargo (NYSE:WFC) changed his rating on the stock from Hold to Buy.
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Shaw is confident that the acquisition of First Horizon by TD Bank (NYSE:TD) will go through at the initial price of $25 per share despite the recent turbulence witnessed in the banking sector. He pointed to First Horizon’s deposit stability during these past few weeks and also noted that TD is probably unwilling to go through the process of renegotiating.
Nevertheless, should the deal not go through, Shaw values First Horizon stock at $18 per share as a standalone company with a downside limited to $15 per share.
Taking a look at the last three trading months, we can see the impact the recent banking crisis has had on FHN stock. Shares were trading close to their buyout price for months until the recent drop sent prices down to the $16 range.
