UBS Raises Price Target on Zions Bancorp (ZION) to $29 Following 3Q EPS Beat
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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."
Shares of Zions Bancorp closed at $32.43 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
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