Jefferies Raises Price Target on Zions Bancorp (ZION) to $31 Following 2Q; Reiterates Hold

Jefferies reiterated a Hold rating on Zions Bancorp (NASDAQ: ZION), and raised the price target to $31.00 (from $26.00), following the company's 2Q earnings report. ZION provisioned $34mm against $38mm of NCOs in 2Q, beating expectations with NCOs almost entirely driven by energy.

Analyst Ken Usdin commented, "Strong 2Q results drive our '17 estimate higher with help from NII, expenses, and provisions. Strong loan growth and better loan yields drove the beat on NII. Ex. energy NCOs were minuscule, driving a credit beat, while cost control was also impressive. We increase our '16 and '17 EPS ests. to $2.00 and $2.45, respectively (PT to $31). Ex. the benefit of +25bp Dec. '16/Dec. '17 rate hikes, our '17 EPS est. would be ~$2.30."

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 $26.59 yesterday.

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