UPDATE: Baird Upgrades Zions Bancorp (ZION) to Neutral

October 23, 2018 5:48 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 - October 23, 2018 9:05 AM EDT)

Updated to add analyst comment)

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

The analyst comments "Relative to lower expectations, Q3 results were solid (core NIM +6 bps, loans +1.3% Q/Q), and the 12-month outlook was largely unchanged (still targeting high-single-digit PPNR growth Y/Y though loan growth may slow). The pace of excess capital return should remain elevated and provide downside support for shares. ZION now trades at ~10x 2020E EPS vs. ~14x forward earnings to start the year and ~12x in September. The risk/reward is more balanced at current prices."

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 $45.35 yesterday.

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