UPDATE: Citigroup Keeps Neutral, Cuts PT to $20.50 on Zions Bancorp; Lower NIMs
Citigroup reiterates its Neutral rating on Zions Bancorp (NASDAQ: ZION) and reduces its price target from $22 to $20.50.
Citigroup notes, "We reduce our 2013 and 2014 NIM estimates by 2 bps and 10 bps, respectively to 3.62% in 2013 and 3.78 in 2014. This compares to 3.73% at the end of 1Q12. …In the hypothetical case that rates remain flat through 2014, we estimate that 2013 and 2014 estimates could fall by another ~6% and ~11% vs our new estimates. Our 2012 estimate would remain unchanged."
ZION closed at $18.31 on Thursday.
Latest Ratings for ZION
|Nov 2015||Piper Jaffray||Initiates Coverage on||Neutral|
|Oct 2015||BMO Capital||Maintains||Market Perform|
|Oct 2015||Credit Suisse||Maintains||Outperform|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.