Zions Bancorp (ZION) PT Raised to $54 at Piper Jaffray After Hosting Investor Meetings

Piper Jaffray analyst Kevin Barker raised the price target on Zions Bancorp (NASDAQ: ZION) to $54.00 (from $52.00) while maintaining a Neutral rating after hosting investor meetings with management. Barker came away from the meetings with more confidence the company can achieve mid-single digit loan growth over the next year despite recent softness while generating incremental operating leverage without the benefit of higher short-term rates.

Piper Jaffray also came away from the meetings with the sense ZION could be more aggressive buying back stock after 3Q18 in order to reach its “peer-plus” target of 10.5% CET1 within the next 6-8 quarters. Therefore, Barker increased buyback assumptions to $1,250M from $925M in the 4Q18-4Q19 timeframe before settling into a quarterly run rate of $180M through 2020.

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