UPDATE: Citigroup Keeps Neutral, Cuts PT to $20.50 on Zions Bancorp; Lower NIMs

Citigroup reiterates its Neutral rating on Zions Bancorp ZION and reduces its price target from $22 to $20.50. Citigroup notes, "We reduce our 2013 and 2014 NIM estimates by 2 bps and 10 bps, respectively to 3.62% in 2013 and 3.78 in 2014. This compares to 3.73% at the end of 1Q12. …In the hypothetical case that rates remain flat through 2014, we estimate that 2013 and 2014 estimates could fall by another ~6% and ~11% vs our new estimates. Our 2012 estimate would remain unchanged." ZION closed at $18.31 on Thursday.