NEW YORK - First Tennessee National Corp.'s stock was downgraded to "hold" from "buy" by Salomon Brothers Inc. analyst Ronald Thompson because of questions about the revenue outlook at the banking company.

The analyst says he is adopting a "show-me" attitude on Memphis-based First Tennessee's recent acquisition of SNMC Management Corp., a Dallas-based mortgage lender.

Mr. Thompson is concerned about the effects of improving business for small banks and insurance companies on revenue at First Tennessee's bond department. He estimates First Tennessee will earn $4.30 a share this year and $4.75 next year. First Tennessee earned $3.19 in 1992.

Meanwhile, Salomon analyst Jeffrey Nascheck cut his rating on Wilmington Trust Corp. to "hold" from "buy," citing its premium price and expectations for muted earnings growth in a sluggish economy. He noted that because of its niche, the trust and custodial banking company isn't likely to benefit from the consolidation affecting the general banking industry.

Mr. Nascheck sees a maximum of 10% price appreciation in the shares. He estimates the Delaware company will earn $2.30 a share in 1993 and $2.60 in 1994.

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