FBR Capital Assumes, Downgrades Zions Bancorp (ZION) to Market Perform
- Wall Street dips as telecoms slump; AmEx surges
- Microsoft (MSFT) Tops Q1 EPS by 8c
- AMD (AMD) Posts Q3 Operating EPS of 3c; Sees Q4 Revenue Down Sequentially
- AT&T (T) Said to Discuss Idea of Takeover in Time Warner (TWX) Meetings
- After-Hours Stock Movers 10/20: (CERC) (ALKS) (PFPT) (MSFT) Higher; (SKX) (RRGB) (AMD) Lower (more...)
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
- Needham & Company Cuts Price Target on Syntel, Inc. (SYNT) Following Weak 3Q
- Halliburton (HAL) PT Raised to $61 at Nomura Following Q3
- eBay (EBAY) Turnaround on Track, Buy the Dip - Susquehanna
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!