Jefferies maintains a 'Hold' on Zions Bancorp (ZION); Loan Growth, But NIM Trajectory Weighs

Jefferies maintains a 'Hold' on Zions Bancorp (NASDAQ: ZION) price target of $21.00 (from $22.00).

Analyst, Ken Usdin, said, "Results were OK (loans/fees up, credit better), but the core NIM was weaker and questions on capital remain. We now forecast a lower net interest income (NII) trajectory (core NII to decline into mid-2013), which takes a nickel from our estimates ('12 to $1.20, '13 to $1.75). Trading at 0.95x TBV, ZION has limited downside risk, in our view, but we would like to see better core business momentum before getting more constructive."

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 $18.57 yesterday.

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