Morgan Stanley raises its rating on First Horizon National FHN from Equal-weight to Overweight and increases its price target from $10 to $11.
Morgan Stanley notes, "We are upgrading First Horizon to Overweight from Equal-weight. Its reserve build for probable future GSE putback losses, based on new information from Fannie Mae, removes one of the biggest overhangs on the stock: uncertainty. Shares look highly attractive at 8.8x our revised 2013 EPS."
FHN closed at $7.91 on Monday.
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