First Horizon price target raised to $20 from $19 at RBC Capital

RBC Capital raised the firm’s price target on First Horizon to $20 from $19 and keeps an Outperform rating on the shares after its Q3 earnings beat. The company produced another solid quarter that highlights the strength of First Horizon’s diversified business model, and while its net interest income and net interest margin were pressured by the rate environment and higher deposit costs, strength in fees and fixed income were “strong offsets”, the analyst tells investors in a research note. First Horizon’s core expenses also remain well controlled, its credit metrics were favorable, and the buyback remains active, RBC added.