Jefferies Upgrades Zions Bancorp (ZION) to Buy
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Jefferies upgraded Zions Bancorp (NASDAQ: ZION) from Hold to Buy with a price target of $45.00 (from $41.00) to reflect post-election stock/EPS dynamics.
Analyst Ken Usdin commented, "We upgrade ZION to Buy (from Hold), with earnings also set to benefit more vs. peers from both higher short-term rates and a lower Federal tax rate (34% effective tax rate in ’16). Our published EPS estimates of $2.35 and $2.75 in '17 and '18, respectively, are also 3%-5% above the consensus mean, driven by higher net interest income and lower operating expenses."
Shares of Zions Bancorp closed at $39.10 yesterday.
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