First Horizon price target lowered to $22 from $23 at Raymond James

Raymond James lowered the firm’s price target on First Horizon (FHN) to $22 from $23 and keeps an Outperform rating on the shares. The firm updated its model to reflect higher share repurchase activity following its quarter-to-date update and slower noninterest expense growth which is largely offset by slower loan and fee income growth, as well as less net interest margin expansion, versus the previous model, the analyst tells investors in a research note.