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TFC - First Horizon Continuing To Deliver Good Results Ahead Of A Transformative Merger
Truist Financial Corporation
With good countercyclical opportunities like the trading business and mortgage warehouse lending, First Horizon (FHN) is doing pretty well at a more challenging point in the banking cycle. Loan growth prospects aren’t looking quite so exciting into 2020, but First Horizon seems to be doing more than holding its own, and the impending merger with IBERIABANK (IBKC) should unlock meaningful operating leverage down the line.
I liked First Horizon last quarter and after the IBERIABANK merger announcement, and the shares have been outperforming. I still like them now, with upside