UPDATE: Baird Downgrades Zions Bancorp (ZION) to Underperform; Sell Into Strength

May 17, 2021 5:30 AM EDT
Get Alerts ZION Hot Sheet
Price: $50.86 +1.07%

Rating Summary:
    13 Buy, 23 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 18 | Down: 12 | New: 23
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(Updated - May 17, 2021 6:43 AM EDT)

Baird analyst David George downgraded Zions Bancorp (NASDAQ: ZION) from Neutral to Underperform with a price target of $49.00.

The analyst commented, " We believe the stock has a generally weak setup as forward P/PPNR valuations are elevated despite being based on overly optimistic earnings expectations. Consensus NII estimates seem high to us and are not accounting for the eventual roll-off of PPP income as well as the potential for excess liquidity to restrain loan growth. Shares seem likely to underperform as PPP fees roll off and investors revise models to reflect the headwind. A ~45% premium to historical PPNR multiples seems steep given the tough fundamental outlook."

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 $60.20 yesterday.

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