Jefferies Raises Price Target on Zions Bancorp (ZION) After Meeting with Management
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Jefferies reiterated a Hold rating on Zions Bancorp (NASDAQ: ZION), and raised the price target to $41.00 (from $35.00), after meeting with management. ZION sounded confident in growing loans in the mid single-digits over the next year, with less run-off in energy and owner-occupied, and growth in non-energy C&I, some CRE, and resi. mortgage. Management also sees modest improvement in activity trends and is comfortable with its 8%+ reserve after already booking 6%+ of losses.
Analyst Ken Usdin commented, "Meetings with ZION's CFO highlighted confidence around NII and loan growth, with potential to beat consensus, in our view. Cost control remains a focus, fee initiatives are budding, and capital return should improve. Mgmt. is cautiously optimistic on energy credit, with few issues in the non-energy book. We raise '17 and '18 EPS ests. to $2.35 and $2.75, resp., on higher NII ests. PT to $41 reflects the group re-rating and ZION's clearer EPS trajectory."
Shares of Zions Bancorp closed at $36.97 yesterday.
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