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Fly News Breaks for December 20, 2018
FHN
Dec 20, 2018 | 08:07 EDT
Baird analyst Garrett Holland initiated First Horizon with a Neutral rating and $15 price target. In a research note to investors, Holland says the 2019 outlook looks "fairly balanced" with potential upside from loan growth tempered by NIM headwinds and a moderating pace of efficiency improvement into 2020 without top-line help. Holland contends that the forward P/E screens favorably vs. history, but believes discounted valuation may not be enough with many banks looking cheaper after the recent selloff.
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