First Horizon Corporation (FHN) is set to report fourth-quarter earnings results before the opening bell on Thursday, Jan. 15, and Wall Street's best-performing analysts have been busy adjusting their expectations.
The Memphis, Tennessee-based bank is expected to deliver quarterly earnings of 46 cents per share, up from 43 cents per share in the same period last year. Analysts are projecting revenue of $862.8 million, representing a healthy jump from $824 million a year earlier.
First Horizon shares dipped 0.2% to close at $24.17 on Tuesday, trading just below several newly raised analyst price targets.
What the Most Accurate Analysts Are Saying
In the lead-up to Thursday's earnings call, five analysts with strong track records have updated their outlooks on First Horizon. Here's what they're thinking:
TD Cowen's Janet Lee, who maintains a 64% accuracy rate, kept her Hold rating while bumping the price target from $24 to $26 on Jan. 7. Raymond James analyst Daniel Tamayo (63% accuracy) stayed more optimistic with an Outperform rating, raising his target from $23 to $27 the same day.
The most bullish call came from Citigroup's Ben Gerlinger, who has the strongest accuracy rate of the group at 73%. Gerlinger maintained his Buy rating and lifted his price target from $25 to $28 on Dec. 30.
Truist Securities analyst John McDonald, boasting the highest accuracy rate at 78%, kept his Hold rating while raising the target from $24 to $26 on Dec. 18. Finally, Christopher McGratty from Keefe, Bruyette & Woods (62% accuracy) maintained a Market Perform rating and raised his target modestly from $23 to $24 on Dec. 17.
The pattern is clear: analysts are getting more optimistic about First Horizon's valuation even while most remain cautious on their ratings. Three of the five maintain neutral stances (Hold or Market Perform), suggesting they see the stock as fairly valued at current levels despite the positive momentum heading into earnings.
With Thursday's earnings release just around the corner, investors will get to see whether these upward revisions were warranted.
