Citigroup Cuts First Horizon (FHN) Price Target to $28

Citigroup has reaffirmed its Buy rating for First Horizon with a slight adjustment to its price target, a 21.61% upside from the current price.

By EarningsIQ Research Desk · Published Oct 16, 2026, 2:31 PM EDT

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Citigroup cut its price target on First Horizon Corporation ($FHN) to $28 from $28.50 on September 22, 2026, and rates the stock "Buy".

Since the rating, $FHN is down 1.0% after 1 week and down 2.0% to date (from the $23.34 close on Sep 22, 2026).

FHN First Horizon Corporation

$22.88 -3.13% year to date

Daily close · Oct 16, 2026

Key Points

Citigroup reiterated its Buy rating on First Horizon Corporation, adjusting the price target to $28.0 from $28.5.
The stock closed at $23.94, well below the new target, indicating potential upside for investors.
First Horizon has a P/E ratio of 11.5 and a market cap of approximately $11.34 billion, reflecting its position in the financial services sector.

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Not investment advice. EarningsIQ is not a registered investment adviser, and this automated First Horizon Corporation alert may contain errors. Disclosures

Citigroup reiterated its Buy rating on First Horizon Corporation (NYSE: FHN) on September 22, 2026, while lowering the price target to $28.0 from $28.5. The stock closed at $23.94, suggesting that it trades below the new target, which may attract investor interest as the bank continues to operate in the financial services sector.

Analyst rating track record

Citigroup vs. the S&P 500

YTD return -4.46% hypothetical

All-time return -4.46% S&P 500 +1.14%

vs. S&P 500 -5.60% behind the index

Hypothetical returns from Citigroup's disclosed trades, not real profit or advice. How we model this.

Citigroup's Call on First Horizon

Citigroup's updated target reflects a cautious stance while maintaining confidence in First Horizon's potential. The bank's rating remains positive, indicating a belief in the company's growth prospects despite the slight reduction in the target price.

Other Institutional Activity in First Horizon

Blackrock Inc. grew its holdings by 1,548,973 shares, ending with 58,706,667 shares worth about $1.35 billion. State Street Corporation added 44,030 shares, bringing its total to 18,390,057 shares valued at approximately $421.6 million. Meanwhile, Bank of New York Mellon Corporation trimmed its stake by 294,460 shares, resulting in 29,151,537 shares worth about $668.3 million. Vanguard Portfolio Management LLC reduced its holdings by 478,611 shares, holding 22,421,450 shares valued at roughly $514.0 million. Vanguard Capital Management LLC also decreased its stake by 222,632 shares, totaling 21,392,091 shares worth about $490.4 million.

First Horizon Corporation Stock Down 3.8%

As of the last published data, First Horizon's shares are trading at $23.94, which is near the lower end of its 52-week range of $19.80 to $26.56. The stock's performance has been relatively stable, and it is currently below its 50-day moving average of $25.12.

12-month forecast

$FHN price target

First Horizon Corporation daily closes and this analyst's $28 target. Not advice.

Recent Earnings

In its latest earnings report, First Horizon posted revenue of approximately $3.5 billion, reflecting a 9% growth year-over-year. The company reported earnings per share (EPS) of $2.08, with a net margin of about 30.2% and a return on equity (ROE) of 11.5%. The next earnings report is scheduled for October 14, 2026.

Dividend

First Horizon pays an annual dividend of $0.68, which translates to a yield of 2.84%. The company's dividend payout ratio stands at 30.8%, indicating a sustainable approach to returning value to shareholders.

Insider Buying and Selling at First Horizon Corporation

On August 20, 2026, Elizabeth A. Ardoin, an officer at First Horizon, sold 18,313 shares valued at approximately $455,142. This transaction was not part of a planned trading program.

Analysts Set New Price Targets

On October 16, 2026, Raymond James maintained its rating on First Horizon with an Outperform rating and a target price of $27.0, down from $28.0. JP Morgan also maintained a Neutral rating with a target of $26.0, reduced from $27.0. Truist Securities kept its Hold rating with a target of $25.0, while Evercore ISI Group and Wells Fargo maintained their In-Line and Equal-Weight ratings respectively, both with targets of $25.0.

About First Horizon

First Horizon Corporation operates as the bank holding company for First Horizon Bank, providing a range of financial services. The company operates through various segments, including Regional Banking, Specialty Banking, and Corporate, and is headquartered in Memphis, TN.

Bottom Line

Investors should keep an eye on First Horizon's upcoming earnings report on October 14, 2026, and monitor any further analyst ratings updates. The recent 13F filings show a mixed picture of institutional activity, reflecting ongoing interest in the bank's stock despite the slight adjustments in price targets.