FBR Capital Assumes, Downgrades Zions Bancorp (ZION) to Market Perform
- Donald Trump Sworn in as 45th U.S. President
- U.S. stocks pare gains after Trump's inaugural speech
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Herbalife (HLF) Says SEC Requested Documents on Anti-Corruption Compliance in China; Reviewed with DoJ
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
FBR Capital downgraded Zions Bancorp (NASDAQ: ZION) from Outperform to Market Perform with a price target of $32.00 in assumed coverage.
Analyst Bob Ramsey commented, "We transfer coverage of Zions Bancorporation to Bob Ramsey (from Paul Miller) due to a reallocation of resources. We also lower our rating to Market Perform (from Outperform) given the shares' significant outperformance YTD and our view that shares are fairly valued as there is limited upside at present. ZION currently trades at 14.1x our 2017 operating EPS estimate, a premium to non-global SIFI peers (>$50B in assets), which trade at 12.5x estimated 2017 EPS. We adjust our 2016 operating EPS estimate to $1.85 (from $1.86) and our 2017 operating EPS estimate to $2.25 (from $2.20). We would be more constructive on ZION if (1) shares pull back, (2) short-term interest rate expectations move higher, or (3) ZION makes better-thanexpected progress on its plans to boost its ROA/ROTCE. "
Shares of Zions Bancorp closed at $31.81 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- M&T Bank (MTB) PT Raised to $165 at FBR Capital Following 4Q Beat
- Polaris Industries (PII) PT Raised to $75 at Wedbush; Reiterates Neutral
- Polaris Industries (PII) PT Raised to $85 at Stifel Ahead of 4Q Report
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Downgrades
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!