First Horizon initiated with a Neutral at DA Davidson

DA Davidson analyst Peter Winter initiated coverage of First Horizon (FHN) with a Neutral rating and $24 price target has The company has undergone several major events including a merger of equals with IBERIABANK and terminated takeover deal by TD Bank, with the focus now falling on organic growth by deepening existing client relationships to drive stronger revenues and profitability, the analyst tells investors in a research note. The firm adds however that its neutral stance is based on valuation as the stock trades at a 11% premium to its regional bank peer coverage.