First Horizon price target raised to $23 from $22 at RBC Capital

RBC Capital raised the firm’s price target on First Horizon (FHN) to $23 from $22 and keeps an Outperform rating on the shares. The firm is updating its model after the company’s updated outlook provided by First Horizon management at a recent investor conference, which calls for FY25 adjusted revenues to be flat to 4% higher, the analyst tells investors in a research note. RBC adds that First Horizon’s 2025 outlook is reasonable and relatively consistent with its own expectations, though its Q3 CET ratio of 11.0% suggests “potential for more aggressive buyback activity”.