Sterne Agee Initiates Coverage of FHN

Sterne Agee has issued a report initiating coverage of First Horizon National Corp. FHN with a Neutral Rating. According to the report, “We are initiating coverage of First Horizon National Corp. with a NEUTRAL rating and a $12 12-month price target. Our P/E/tangible book value derived price target implies about 1.3x estimated tangible book value and 11-12x our normalized earnings forecast of $1.00-$1.10.” FHN has a $12 Price Target and closed yesterday at $11.55 a share.