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Fly News Breaks for November 5, 2019
FHN
Nov 5, 2019 | 06:31 EDT
BofA/Merrill analyst Ebrahim Poonawala upgraded First Horizon to Buy from Neutral with a $20 price target after its merger with Iberiabank. The analyst says the combination creates a "formidable bank led by two very capable mgmt teams", offering presence in some of the "most attractive" Southeast metro markets along with added scale necessary to undertake technology investments. Poonawala adds that the integration risks of the two entities cannot be ignored, but both management teams enter the merger with "significant M&A experience".
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