03:20 PM EDT, 04/17/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We increase our 12-month target price by $3 to $17, applying a forward P/E of 9.9x our 2025 EPS estimate, below the peer average of 11.3x given weaker growth prospects. We increase our 2024 EPS estimate by $0.10 to $1.54 and raise 2025's by $0.19 to $1.71. FHN posted adjusted Q1 EPS of $0.35 vs. $0.45 a year ago, $0.01 above consensus. Our improved opinion reflects recent fundamental improvement as FHN has rightsized the ship following last year's failed acquisition. Unlike most peers, FHN saw net interest income (+1% Q/Q) improve for the second straight quarter as loan balances held steady. Impressively, the bank's net interest margin jumped by 10 bps to 3.37% as FHN benefited from improvement in both loan and deposit pricing. Noninterest income improved by 9%, with strength coming from the fixed income business (+40%). With FHN holding its expenses in check, the bank improved its efficiency ratio by 200 bps to 60.8%. Nonperforming loans rose 9%, given the deterioration in business and commercial real estate.