Mike Turner at Compass Point Research has downgraded shares of three of the biggest banking names in Middle Tennessee, saying they are fully valued given the broader economic environment and the specific issues each faces. Turner lowered Regions Financial and SunTrust Banks to 'neutral' from 'buy' and First Horizon National to 'sell' from 'neutral.' Investors in Regions will need faster loan growth, he writes, while SunTrust needs to get a better relationship between its costs and revenues. First Horizon gets a 'sell' rating because it faces higher litigation risk in the next few quarters and because "revenue growth will continue to underwhelm."
Shares of SunTrust are fighting off the downgrade in Monday morning trading while Regions and First Horizon are solidly in the red.
POSTDATA: WARRANTY DEEDS