UBS Raises Price Target on Zions Bancorp (ZION) to $29 Following 3Q EPS Beat

October 25, 2016 10:11 AM EDT
Get Alerts ZION Hot Sheet
Price: $42.38 -0.24%

Rating Summary:
    16 Buy, 18 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 22 | Down: 34 | New: 34
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UBS reiterated a Sell rating on Zions Bancorp (NASDAQ: ZION), and raised the price target to $29.00 (from $24.00), following the company's 3Q earnings report. ZION reported 3Q GAAP EPS of $0.57, above consensus' $0.50 estimate, with the beat driven by investment gains and a lower provision.

Analyst David Eads commented, "As expected, ZION's 3Q loan growth slowed, driven by weaker C&I demand and increased discipline on CRE growth. C&I is likely to remain a key driver of growth going forward, although ZION is seeing some softer trends in the Houston economy. While the provision fell ~$15 million sequentially, ZION expects the outlook for credit costs will be closer to 1H16 levels, as 3Q results benefited from non-recurring recoveries outside of the energy portfolio. This outlook appears slightly more conservative than most peers this quarter, especially if trends in the energy portfolio continue improving, with the potential exception of the oilfield services portfolio."

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 $32.43 yesterday.

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