Compass Point Maintains a 'Neutral' on Zions Bancorp (ZION); Cutting Estimates After Q2 Review
Tweet Send to a FriendGet Alerts ZION Hot Sheet
Price: $27.21 +0.04%
Rating Summary:
10 Buy, 14 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Rating Summary:
10 Buy, 14 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Trade ZION Now!
Compass Point maintains a 'Neutral' on Zions Bancorp (NASDAQ: ZION) price target of $18.50.
Analyst, Mike Turner, said, "We maintain our Neutral rating on shares of ZION following the release of 2Q12 earnings. Results were below expectation due primarily to lower than expected net interest income. The low rate environment continues to pressure NII as floors expire and new originations are below the current portfolio."
"We continue to expect additional capital structure actions to add materially to earnings, though downward pressure on loan yields will weigh on this potential. Lower credit-related costs will provide a tailwind to earnings, but in order for us to justify additional upside, we need the prospect of increasing rates or better than expected loan growth (our FY13 estimate assumes 6% loan growth from 2Q12)."
FY12 EPS estimate cut from $1.40 to $1.12 and FY13 from $1.87 to $1.67.
For an analyst ratings summary and ratings history on Zions Bancorp click here. For more ratings news on Zions Bancorp click here.
Shares of Zions Bancorp closed at $18.57 yesterday, with a 52 week range of $13.18-$23.51.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Analyst, Mike Turner, said, "We maintain our Neutral rating on shares of ZION following the release of 2Q12 earnings. Results were below expectation due primarily to lower than expected net interest income. The low rate environment continues to pressure NII as floors expire and new originations are below the current portfolio."
"We continue to expect additional capital structure actions to add materially to earnings, though downward pressure on loan yields will weigh on this potential. Lower credit-related costs will provide a tailwind to earnings, but in order for us to justify additional upside, we need the prospect of increasing rates or better than expected loan growth (our FY13 estimate assumes 6% loan growth from 2Q12)."
FY12 EPS estimate cut from $1.40 to $1.12 and FY13 from $1.87 to $1.67.
For an analyst ratings summary and ratings history on Zions Bancorp click here. For more ratings news on Zions Bancorp click here.
Shares of Zions Bancorp closed at $18.57 yesterday, with a 52 week range of $13.18-$23.51.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Jefferies Lifts Numbers on Diana Shipping (DSX) Post Q1
- UPDATE: JPMorgan Cuts SodaStream (SODA) to Neutral, 'Stock No Longer Cheap'
- Hewlett-Packard (HPQ) Q2 Performance Wins Praise on Wall Street; Jefferies Raises to Hold
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst EPS ViewRelated Entities
Earnings
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
