UPDATE: Raymond James Downgrades Zions Bancorporation to Outperform, Lowers PT on Lack of Catalysts

In a report published Tuesday, Raymond James analyst David J. Long downgraded the rating on

from Strong Buy to Outperform, and lowered the price target from $36.00 to $32.00. In the report, Raymond James noted, “We are reducing our investment rating on shares of Zions from Strong Buy to Outperform, and removing it from the Current Analyst Favorites list. With the restructuring of its capital base nearly complete and the presence of low-rate environment, we believe there is no near-term positive catalyst to propel ZION shares to materially outperform its peers. However, we maintain our bullish long-term stance for the stock given our view that Zions will produce better-than-peer EPS growth and TBV growth.” Zions Bancorporation closed on Monday at $28.87.