UPDATE: Baird Upgrades Zions Bancorp (ZION) to Neutral

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

The analyst comments "While we expect PPNR growth to be challenging in the near-term, we believe the recent underperformance of the stock has resulted in a more balanced risk/reward and is a tougher short at these prices. ZION shares are down ~20.8% (vs. -15.5% KRE) since our late-May downgrade and now trade at ~1.18x TBV, modest premium to historical averages. We remain of the view that ZION has attractive franchise value should mitigate significant downside from current levels."

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 $47.70 yesterday.

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