Citi Downgrades Zions Bancorporation (ZION) to Hold
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Citi downgrades Zions Bancorporation (Nasdaq: ZION) from Buy to Hold.
Citi analyst says, "Government intervention in the form of the short-selling ban and the proposed troubled asset relief plan has led to a significant rally in bank stocks, including Zions — The stock has appreciated 85% over the past month, compared to a 7% decline for the S&P 500 and a 15% rise for the S&P Bank Index, and is now trading near our $47 price target...Given Zions' footprint and above average execution, we assign a high franchise value to the company. Once credit improves and mark-to-market risk declines in the investment portfolio (mainly due to CDOs containing bank and insurance trust preferreds), we believe Zions has significant earnings leverage as reflected in our 2009 and 2010 estimates."
Zions Bancorporation is a financial holding company.
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