Jefferies analyst Casey Haire noted that TD Bank (TD) said it remains "very excited" and committed to the First Horizon (FHN) acquisition, but provided no color on reasons for the additional delay in closing the deal or a new expected closing date. The TD Bank call "made it seem like price negotiation is not off the table," said the firm, which pegs First Horizon’s standalone valuation range at $15-$17 per share based on peer multiples, versus the $25 deal price. Jefferies maintains a Hold rating and $25 price target on First Horizon shares.
Published first on TheFly
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Read More on FHN:
- TD Bank, First Horizon continuing to engage with regulators on applications
- First Horizon, TD extend outside date for pending merger
- First Horizon Declares Cash Dividends on Common and Preferred Stock
- First Horizon reports Q4 adjusted EPS 51c, consensus 48c
- First Horizon Corporation Reports Fourth Quarter 2022 Net Income Available to Common Shareholders of $258 Million, or EPS of $0.45; $293 Million, or $0.51, on an Adjusted Basis*
