DA Davidson Downgrades Zions Bancorp (ZION) to Neutral; In-line Qtr, But Outlook Remains Cloudy

DA Davidson downgraded Zions Bancorp (NASDAQ: ZION) to Neutral, price target lowered from $27 to $22.

Analyst, Gary P. Tenner, said, "Despite the in line quarter we are downgrading ZION shares; our earnings growth for 2012 and 2013 is now more driven by credit cost reductions as our spread income expectations remain under pressure...We are raising our core EPS estimates from $1.23 to $1.30 in 2012 and $1.54 to $1.70 in 2013. Our 2012 estimate is driven by the 1Q beat and lower expenses then previously. For 2013 lower credit costs more than offset lower revenue projections driven by more NIM compression.

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 $20.81 yesterday.

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