UBS upgraded First Horizon to Buy from Neutral with a price target of $16, up from $15.50. UBS thinks First Horizon is well-positioned to return capital to shareholders given their strong capital position, near-TBV stock valuation and management’s stated goals of deploying excess capital above 11% CET1, the analyst tells investors in a research note. The firm believes First Horizon is poised to repurchase 8.5% of its outstanding shares through year-end 2025, and thinks consensus estimates of 40M cumulative share buybacks is understated.
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