As previously reported, BofA/Merrill downgraded First Horizon to Underperform from Neutral and trimmed its price target to $15 from $16. Analyst Ebrahim Poonawala believes management's ability to reduce costs and be aggressive on buybacks is limited and views shares as fairly valued.

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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."