First Horizon price target lowered to $18.50 from $19.50 at Evercore ISI

Evercore ISI lowered the firm’s price target on First Horizon to $18.50 from $19.50 and keeps an Outperform rating on the shares after having hosted an investor meeting with the bank’s management last week. In the meeting, management acknowledged net interest income headwinds presented by competitive deposit pressures, stubborn loan growth, and the pending Fed pivot, notes the analyst, who lowers the firm’s price target to reflect modestly lower sector valuations.