JPMorgan analyst Steven Alexopoulos says that while First Horizon National offered another earnings reset when reporting Q2 results, the shares "remain too cheap." Shareholders are much better served taking the net interest margin and loan growth pressure today from selling subprime auto today rather than credit pressure on this portfolio down the road, Alexopoulos tells investors in a post-earnings research note. He adds that although the Capital deal has introduced "accounting noise into the equation," a faster growing bank will emerge as the markets from the Capital transaction start to drive incremental business. The analyst lowered his price target for First Horizon shares to $20 from $22 and keeps an Overweight rating on the name.