Jefferies cites potential for future stock buybacks and potential M&A activity for the bank while shaving its 2023 and 2025 earnings view.
First Horizon Corp. drew praise from Jefferies analyst Casey Haire for its “pragmatic tone” at its investor day just weeks after the mutual termination of its acquisition by TD Bank.
Haire reiterated a buy rating on First Horizon FHN partly because of its potential to deploy excess capital and the option for more potential mergers ahead, he said in a research note published Tuesday. With net interest income remaining under pressure and expenses likely to climb, Haire cut his 2023 earnings forecast for First Horizon to $1.54 a share from $1.58 a share and his 2024 profit forecast to $1.51 a share from $1.57 a share.
“Buybacks are off the table for now given macro uncertainty, but we expect management to improve following more clarity on regulatory reform and/or pulling focus on magnitude of credit normalization,” Haire said.
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