Jefferies Upgrades Zions Bancorp (ZION) to Buy

November 28, 2016 7:45 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 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."

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 $39.10 yesterday.

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