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Shares Of First Horizon National Slip On Downgrade
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FHN
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NEW YORK (AP) — Shares of First Horizon National Corp. slipped Friday after a Citi analyst downgraded the Southern bank operator, citing that its stock might be overvalued.
Analyst Keith Horowitz lowered the regional bank to "hold" from "buy" but maintained a $12 target price. First Horizon stock fell 37 cents, or 3 percent, to $10.79 in afternoon trading.
Horowitz noted First Horizon's shares are trading at nine to 11 times the bank's "normalized earning power" of $1 to $1.25. ...
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