Keefe, Bruyette & Woods Downgrades Zions Bancorp (ZION) to Market Perform; CapPR Puts ZION in Holding Pattern

Keefe, Bruyette & Woods downgraded Zions Bancorp (NASDAQ: ZION) from Outperform to Market Perform, price target cut to $19.00.

KBW analyst says, "We are lowering our rating on ZION as we see some near term risks to our estimates and believe the shares will be range bound until after its CapPR capital plan is approved in March 2012. We are also lowering our target price to $19 to reflect a discount valuation compared to peers related to having capital trapped for 2012."

For an analyst ratings summary and ratings history on Zions Bancorp click here. For more ratings news on Zions Bancorp click here.

Shares of Zions Bancorp closed at $14.88 yesterday.

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