UPDATE: DA Davidson Reiterates Buy on Zions Bancorporation on Improving Fundamentals
DA Davidson reiterated its Buy rating and $26 price target on Zions Bancorporation (NASDAQ: ZION) as fundamentals improve and upside finds support through 2013 catalysts.
DA Davidson commented, "Despite strong performance year-to-date (ZION shares +22.9% vs. Nasdaq Bank Index +10.6%), we believe ZION shares have additional upside from current levels. With improving fundamentals (asset quality and loan growth), a decline in the rate of NIM compression/NII pressure, and capital structure rationalization opportunities in 2013, we think the shares should provide an attractive return over the next 12-18 months. Our $26 price target represents a 13x multiple on our 2014E EPS of $1.91 and is 1.15x our 2013E TBV of $22.41."
Zions Bancorporation closed at $20.66 on Friday.
Latest Ratings for ZION
|Apr 2016||JP Morgan||Maintains||Neutral|
|Apr 2016||Evercore ISI Group||Downgrades||Buy||Hold|
|Apr 2016||Credit Suisse||Maintains||Outperform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.