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

We recently published 10 Stocks Crash Harder than Wall Street. First Horizon Corp. (NYSE:FHN) is one of the worst performers on Wednesday.

First Horizon soared to a new all-time high on Wednesday, but later fell in the red, as investors took path from an investment company’s price target downgrade for its stock.

In intra-day trading, First Horizon Corp. (NYSE:FHN) climbed to its highest 52-week price of $23.7, then gave up all gains to end the day down by 9.43 percent at $20.85 apiece.

The drop followed Jefferies’ price target downgrade for its stock to $25 from $28 previously, despite maintaining a “buy” recommendation.

According to the analyst, the revision reflected First Horizon Corp.’s (NYSE:FHN) hints of acquiring companies, a strategic shift which was said to have created a “near-term overhang,” and contradicted market expectations that it could be an acquisition target.

Copyright: convisum / 123RF Stock Photo

On the same day, First Horizon Corp. (NYSE:FHN) announced the results of its third quarter earnings performance, raking in $254 million in net income attributable to shareholders, or a 19 percent increase from the $213 million reported in the same period last year. Net interest income grew by 7.5 percent to $674 million from $627 million year-on-year, on the back of average balance growth in higher-yielding portfolios and cash basis income, as well as increased accretion related to the Main Street Lending Program.

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Disclosure: None. This article is originally published at Insider Monkey.