UPDATE: J.P. Morgan Raises PT on First Horizon National to $11.50

J.P. Morgan is out with its report today on First Horizon National FHN, raising its PT from $11 to $11.50. In a note to clients, J.P. Morgan writes, "Given the increase to expected TBV, we are increasing our December 2012 price target from $11.00 to $11.50, which assumes the shares trade at 1.22x our YE12 TBV estimate of $9.41, or maintain a discount to peers as its 2012E ROTE of 7.3% is expected to lag the peer average of 8.4%. Given upside potential to our $11.50 target, we remain Neutral on FHN shares." Shares of FHN closed Friday at $9.60, up 1.27% from Thursday's close.