D.A. Davidson Upgrades Zion from Neutral to Buy; PT Maintained $34

In a research note by D.A. Davidson Co. published Wednesday, Zion

was upgraded from Neutral to Buy and the price target of $34 was left unchanged. ZION shares are down 7.3 percent since D.A. Davidson's July 23 downgrade and analyst Gary P. Tenner said, "we think ZION shares are increasingly attractive below $29". D.A. Davidson's $34 price target represents 20 percent upside from current levels and ZION is likely to outperform given the valuation discount, less earnings noise, and low expectations for 2014 revenue, according to Tenner. Zion Bancorporation shares are currently trading down around 0.25 percent to $28.50.