Compass Point Remains Bullish Following Announced Innitiatives by Zions Bancorp (ZION)

Compass Point reiterates a Buy rating and $32.00 price target on Zions Bancorp (NASDAQ: ZION) following announced initiatives to drive company's efficiency.

Analyst Kevin Barker commented, "After the close on June 1, ZION announced a series of initiatives in order to drive the company's efficiency ratio to the low 60s in 2017 from the mid-70s recorded over the past several quarters. We have long expected ZION to reduce expenses via a decline in technology spending and pay down of high cost debt, but these initiatives are a couple of steps further than previously indicated as the company is making specific workforce reductions, consolidating bank charters and setting targets for the next three years. We expect the market to react positively to the announcement as it solidifies our existing expectations for earnings to grow over 20% to $1.84 in FY16 from $1.52 in FY15."

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 $28.60 yesterday.

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