UPDATE: Guggenheim Upgrades First Horizon National Corporation to Buy; Improved Book Value

Guggenheim raises its rating on First Horizon National Corporation FHN from Neutral to Buy and reduces its price target from $11 to $10. Guggenheim notes, "FHN can continue to buy back excess capital and improve efficiencies in order to enchance profitability over the next two years. Neither of these initiatives is tied to economic growth. We expect FHN's tangible book value to improve to close to $9.50 by yearend 2013, so if FHN can trade at a 5% premium, then we think the stock has 18% upside potential." FHN closed at $7.02 on Friday.