FBR Capital Assumes, Downgrades Zions Bancorp (ZION) to Market Perform
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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.
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