UPDATE: Sterne Agee Lowered PT on Zions Bancorporation from $21 to $18
Sterne Agee reiterated an Underperform rating on Zions Bancorporation (NASDAQ: ZION) and lowered its price target from $21 to $18.
Sterne Agee noted, “Although bottom-line profits were generally in line with expectations, revenue growth was light, particularly margin/spread income, discretionary investment income was exceedingly high, and core capital ratios were flat. Although loan growth prospects have improved, the outlook for margin/spread as well as top-line growth remains challenging. Underperform.”
Zions Bancorporation closed at $18.57 on Monday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.