Nomura Securities Maintains a 'Buy' on Zions Bancorp (ZION); Q2 Review
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Price: $72.20 +0.82%
Rating Summary:
13 Buy, 26 Hold, 3 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
13 Buy, 26 Hold, 3 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Nomura Securities maintains a 'Buy' on Zions Bancorp (NASDAQ: ZION)
Nomura analyst, Brian Foran, says, "ZION reported 2Q at $0.16 versus consensus at $(0.01). We believe that profit should continue given improving credit trends. It sometimes feels like Zions’ earnings should come with an instruction manual to help comb through sub-debt amortization, TruPS CDOs and accretable yield, yet under the surface the core trends of the bank look to be positive, including growing loan growth, stable core NIM, increasing core pre-provision and improving credit. We recently upgraded ZION to Buy ahead of positive EPS revisions post 2Q. Given the magnitude of the beat, this seems likely. ZION is at 8X normal EPS vs. a historical P/E of 13X. This implies a high-teen discount rate, even if it takes three years to get to normal – hence the attraction to the stock to us."
For more ratings news on Zions Bancorp click here and for the rating history of Zions Bancorp click here.
Shares of Zions Bancorp closed at $22.79 yesterday.
Nomura analyst, Brian Foran, says, "ZION reported 2Q at $0.16 versus consensus at $(0.01). We believe that profit should continue given improving credit trends. It sometimes feels like Zions’ earnings should come with an instruction manual to help comb through sub-debt amortization, TruPS CDOs and accretable yield, yet under the surface the core trends of the bank look to be positive, including growing loan growth, stable core NIM, increasing core pre-provision and improving credit. We recently upgraded ZION to Buy ahead of positive EPS revisions post 2Q. Given the magnitude of the beat, this seems likely. ZION is at 8X normal EPS vs. a historical P/E of 13X. This implies a high-teen discount rate, even if it takes three years to get to normal – hence the attraction to the stock to us."
For more ratings news on Zions Bancorp click here and for the rating history of Zions Bancorp click here.
Shares of Zions Bancorp closed at $22.79 yesterday.
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