First Horizon National (FHN) shares plummeted 5.04% in intraday trading, following a series of analyst downgrades and price target cuts after the company's third-quarter earnings report. The stock's sharp decline comes despite the company beating earnings expectations for the quarter.

Evercore ISI dealt the most significant blow by downgrading First Horizon from Outperform to In-Line and slashing its price target from $26 to $20. This move was followed by several other analysts who maintained their ratings but lowered their price targets. JP Morgan, Keefe, Bruyette & Woods, Wells Fargo, and TD Cowen all reduced their price targets to the $23-$24 range, citing concerns about the changing environment in the financial sector.

Despite reporting better-than-expected third-quarter earnings of 51 cents per share, surpassing the analyst consensus estimate of 44 cents, and quarterly sales of $889 million, which also beat expectations, investors seem to be focusing on the cautious outlook presented by analysts. The stock's significant drop reflects growing concerns about the banking sector's performance in the face of economic uncertainties and changing market conditions.