Deutsche Bank Has Buy On First Horizon (FHN)

Deutsche Bank has a Buy rating and a $14 price target on shares of First Horizon FHN. In a note to investors, Deutsche Bank writes, "FHN reported 1Q11 EPS $0.15 vs. consensus $0.04. Upside came from lower than expected credit costs (provision expense was just $1m vs. $45m in 4Q10). Revenues were again a bit disappointing, while expenses declined sharply (down 4% unannualized q/q) and credit continues to improve. Tangible book per share declined $0.10 to $8.21 given repurchase of TARP warrants." Shares of FHN are down 41 cents to $10.32, a loss of 3.8% on 5.8 million shares.