Barclays analyst Matthew Keating upgraded First Horizon National to Overweight with an unchanged price target of $23. The analyst sees favorable consensus earnings revisions as the company executes on the cost savings embedded in its Capital Bank Financial acquisition. Further, he notes the shares at a discounted multiple despite First Horizon's above-average profitability and core earnings growth trends.

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"We reported a strong quarter with 10% growth in adjusted net income available to common shareholders from the fourth quarter. We achieved positive operating leverage versus the prior quarter, as revenue increased and expenses declined. Revenue growth was driven by margin expansion in the core banking franchise, as well as significant improvement in our counter-cyclical businesses," said chairman, president and CEO Bryan Jordan. "Credit quality remains stable, and our strong capital and liquidity position us to continue to win new client relationships and deepen existing ones."