- First Horizon did a bit better than expected in Q4, but management guidance for flat spread income, flat expenses, and mid-single-digit loan growth wasn't all that bulls wanted.
- The key debate on First Horizon remains whether or not management has truly improved operations and whether they can harness the leverage from the Iberiabank merger to drive differentiated growth.
- The valuation on First Horizon still argues for patience, but growth acceleration is still some ways off and sentiment is highly dependent on management execution.
For further details see:
The Frustrating Wait For Positive Differentiation From First Horizon Goes On