Jefferies Raises Price Target on Zions Bancorp (ZION) After Meeting with Management

November 14, 2016 7:37 AM EST
Get Alerts ZION Hot Sheet
Price: $42.46 +0.35%

Rating Summary:
    16 Buy, 18 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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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."

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 $36.97 yesterday.

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