UPDATE: Jefferies Lowers Price Target On Zions Bancorp To $18

According to Jefferies, Zions Bancorp

price target is lowered to $18. Jefferies said that it remains Hold based in part on general caution on the group, but feel better about some of Zions' defensive characteristics and could become more constructive once TARP repayment and trust preferred CDO risk are boxed. “Near-term guidance is intact (flattish loans, stable core NIM, and more credit improvement), but we reduce '12 and '13 ests. to $1.50 (from $1.70) and $1.95 (from $2.70) on lower NII trajectory.” Zions Bancorp closed yesterday at $16.32.