UPDATE: Morgan Stanley Reiterates Overweight Rating, Removes PT on Zions Bancorporation on Considerable Medium-Term Value - Zions Bancorp (NASDAQ:ZION)

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In a report published Tuesday, Morgan Stanley analyst Ken A. Zerbe reiterated an Overweight rating on

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Zions Bancorporation

(NASDAQ: ZION), but removed the $35.00 price target.In the report, Morgan Stanley noted, “We believe that there is considerable value to the Zions franchise over the medium term, given it is one of the most asset-sensitive banks we cover, has significant exposure to commercial lending, and operates in faster-growing geographies. Moreover, between today's debt tender offer and its recent $525 mil equity raise, we believe Zions has significantly reduced its risk profile heading into next year's stress test. Using our revised estimates, Zions is trading at just 11.2x our 2016e EPS versus peers at 12.6x.”Zions Bancorporation closed on Monday at $29.45.