Soleil Securites Upgrades Zions Bancorporation (ZION) to Buy; Pullback Provides an Attractive Entry Point
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Soleil Securites upgrades Zions Bancorporation (Nasdaq: ZION) from Hold to Buy. Price target $17.50.
Soleil analyst says, "We are upgrading ZION from Hold to Buy as we think the recent pullback in the stock presents an attractive entry point for new money. ZION shares have declined by 33% since 10/22 (compared to -7.6% for the BKX) and are now trading at just 60% of quarter end TBV...The company continues to indicate that a valuation allowance against their $668 million net DTA is not expected. I view ZION's management team as financially more astute then some others and expect them to discuss some tax strategies that will act as offsets to the DTA when they next report earnings...Our $17.50 price target is at the midpoint of two impaired TBV levels. The first assumes additional capital to be raised as a result of credit and securities losses. The second assumes a larger capital raise should a DTA valuation allowance become a necessity."
To see all the upgrades/downgrades on shares of ZION, visit our Analyst Ratings page.
Zions Bancorporation is a financial holding company.
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