UPDATE: D.A. Davidson Lowers Price Target On Zions Bancorporation On 4Q14 GAAP EPS

In a report published Tuesday, D.A. Davidson analyst Gary P. Tenner reiterated a Buy rating on

, but lowered the price target from $34.00 to $32.00. In the report, D.A. Davidson noted, “ZION reported 4Q14 GAAP EPS of $0.36 versus our/Street $0.42 estimate. The only meaningful variance to our estimate was on the provision line, which was $11.6 million versus our $9.7 million negative estimate. The $21.3 million energy-driven PLL variance accounted for nearly the full $22.6 million pretax variance. ZION recorded a $15 million investment gain that was largely offset by a $12 million loss on sale of $150 million par value in CDOs.” Zions Bancorporation closed on Monday at $25.12.