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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Read More on FHN:
- First Horizon Announces $650 Million Share Repurchase Program, Declares Cash Dividends on Common and Preferred Stock
- First Horizon Enhances Financial Insight with Non-GAAP Measures
- Options Volatility and Implied Earnings Moves Today, January 18, 2024
- First Horizon Corporation Reports Full Year 2023 Net Income Available to Common Shareholders of $865 Million or EPS of $1.54; $806 Million or $1.43 on an Adjusted Basis*
- First Horizon reports Q4 adjusted EPS 31c, consensus 30c
