UPDATE: DA Davidson Upgrades Zions Bancorporation to Buy on Market Pullback Opportunity

DA Davidson raises its rating on Zions Bancorporation

from Neutral to Buy while keeping the $22 price target unchanged. DA Davidson notes, "We are upgrading Zions Bancorporation from Neutral to BUY following weakness in the company's shares despite a continued forecast for credit improvement and bottom line EPS growth. The stock is down 15.4% since our April 24th downgrade compared to a 6.7% decline in the Nasdaq Bank Index. We find value in ZION shares trading at a 10% discount to 1Q12 TBV of $19.39 and an 18% discount to our year end 2013 estimated TBV of $21.46." ZION closed at $17.54 on Monday.