Evercore ISI analyst John Pancari lowered the firm’s price target on First Horizon to $18 from $18.50 and keeps an Outperform rating on the shares. The firm expects Q3 regional bank results to “mark a continued fundamental turn that began to take shape last quarter” and believes downside EPS estimate revisions for the lower rate environment and weaker loan trends should help de-risk sector earnings expectations. The firm is “incrementally constructive” on the regional banks group as it argues that rate cuts ultimately alleviate pressure on funding costs, spur loan demand, help credit dynamics, particularly in commercial real estate, and present upside to the sector’s earnings multiple, the analyst tells investors in a regional banks Q3 preview note.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on FHN:
- Wedbush adds Comerica, Western Alliance to Best Ideas List, removes two others
- Wedbush rotates into liability sensitive banks with 8 rating changes
- First Horizon downgraded to Neutral from Outperform at Wedbush
- First Horizon to pay $325,000 to resolve SEC charges of RBI violations
- First Horizon price target lowered to $18.50 from $19.50 at Evercore ISI