First Horizon (FHN) Soars to All-Time High, Then Gives up All Gains

Core Insights - First Horizon Corp. (NYSE:FHN) experienced significant volatility, reaching an all-time high before closing down 9.43% on the same day due to a price target downgrade by Jefferies [1][2]. Financial Performance - For the third quarter, First Horizon reported a net income of $254 million, reflecting a 19% increase from $213 million in the same period last year [3]. - Net interest income rose by 7.5% to $674 million from $627 million year-on-year, driven by growth in higher-yielding portfolios and increased accretion related to the Main Street Lending Program [3]. Market Reactions - The downgrade of First Horizon's price target from $28 to $25, while maintaining a "buy" recommendation, was attributed to the company's hints of potential acquisitions, which created a "near-term overhang" [2]. - The market had previously expected First Horizon to be an acquisition target, making the strategic shift a point of concern for investors [2].