First Horizon initiated with Neutral amid transition at Wedbush

Wedbush last night initiated coverage of First Horizon with a Neutral rating and $12 price target. The Neutral rating is based on the view that the company may go through a transition period in which it must take time and expense to rebuild its franchise value, re-establish with clients the key value proposition of working with an independent organization , and invest in technology projects that were neglected while the TD deal was pending, the analyst tells investors in a research note. The firm say these endeavors are achievable, but that it could take time before First Horizon begins to generate substantial growth.