Nvidia and TSMC to unveil first domestic wafer for Blackwell chips, Axios reports
Investing.com - First Horizon National (NYSE:FHN), a $10.4 billion regional bank, saw its stock drop 9% after CEO Bryan Jordan indicated willingness to pursue small acquisitions starting in 2026. According to InvestingPro data, the stock has declined 11% in the past week, though it maintains a positive 5.9% return year-to-date.
DA Davidson maintained its Neutral rating on First Horizon with a $24.00 price target in a research note released Thursday. The firm noted that while the bank reported solid quarterly results, investor reaction focused primarily on management’s strategic comments. The bank has demonstrated financial stability, maintaining dividend payments for 15 consecutive years with a current yield of 2.9%.
The bank’s leadership emphasized executing its business plan rather than positioning for acquisition, with Jordan making "more direct" comments about potential tuck-in acquisitions beginning in 2026.
Despite the significant stock decline, DA Davidson still views First Horizon as "the top takeover target for banks above $75B in assets" according to its research note.
First Horizon continues trading at a premium to regional bank peers at 10.7 times DA Davidson’s 2026 earnings forecast, compared to the peer median of 9.9 times, supporting the firm’s maintained Neutral stance.
In other recent news, First Horizon National’s third-quarter 2025 earnings report revealed earnings per share that surpassed analyst expectations, driven by strong revenue and a negative loan loss provision. Despite this performance, the bank’s stock saw a decline following management’s comments about potential acquisitions. Several analyst firms responded to these developments with adjustments to their ratings and price targets. Evercore ISI downgraded the stock from Outperform to In Line, reducing the price target to $20.00 from $26.00, citing management’s openness to acquisitions as a factor. TD Cowen also lowered its price target to $24.00 while maintaining a Hold rating. Jefferies reduced its price target to $25.00 but kept a Buy rating, describing the third-quarter results as strong and noting the reaffirmation of full-year 2025 guidance. Meanwhile, Raymond James cut its price target to $23.00, maintaining an Outperform rating, following management’s comments on potential "in-footprint tuck-in acquisitions." Wells Fargo reiterated its Equal Weight rating with a $23.00 price target, interpreting the management’s remarks as a shift towards being a potential buyer.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.