For 25 years, Steven Halpern, editor of TheStockAdvisors.com, has surveyed the leading financial newsletter advisors asking for their favorite stocks for the coming year. This article is one of 100+ ideas in the Best Stocks for 2008 report.
"For more conservative investors, my favorite idea for 2008 is First Horizon National Corp. (NYSE: FHN), the Tennessee-based holding company for First Tennessee Bank," says Keith Fitz-Gerald, editor of Money Morning.
"Its banks feature all the offerings you might expect from a good regional bank: Savings, checking, mortgages, investment banking, and brokerage services. It's not exactly an innovative idea -- minimize risks and maximize profits.
"But let's face it, it's a tried-and-true strategy that most US banks have abandoned as they chase after the (allegedly) big profits that subprime-backed debt, leveraged buyouts and other similarly esoteric investments appeared to promise.
"Yes, FHN really over-extended itself in the credit markets and recently announced a loss of $14.2 million. More losses may be coming. And its ultra-high dividend yield off 7.93% may be in jeopardy. Nonetheless, we think the stock's beating was overdone.
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