Keefe Bruyette analyst Brady Gailey downgraded First Horizon National to Market Perform from Outperform with a price target of $17.50, up from $17. The shares have outperformed year to date, up 18.3%, Gailey tells investors in a research note. The analyst, who believes First Horizon reported "strong" Q3 results, sees more limited upside at current share levels.

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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."