UPDATE: Sterne Agee Lowered PT on Zions Bancorporation from $21 to $18

Sterne Agee reiterated an Underperform rating on Zions Bancorporation

and lowered its price target from $21 to $18. Sterne Agee noted, “Although bottom-line profits were generally in line with expectations, revenue growth was light, particularly margin/spread income, discretionary investment income was exceedingly high, and core capital ratios were flat. Although loan growth prospects have improved, the outlook for margin/spread as well as top-line growth remains challenging. Underperform.” Zions Bancorporation closed at $18.57 on Monday.