UPDATE: Keefe, Bruyette & Woods Upgrades Zions Bancorporation on Core Operating Catalysts

In a report published Tuesday, Keefe, Bruyette & Woods analyst Brian Klock upgraded the rating on Zions Bancorporation ZION from Market Perform to Outperform, and raised the price target from $32.00 to $36.00. In the report, Keefe, Bruyette & Woods noted, “In our opinion, there are earnings catalysts to pressure consensus upward toward our estimates for '14/'15; We raised our target price by $4 to $36 and we raised our rating to Outperform from Market Perform. Our investment thesis is based upon four points: 1) Near-term earnings catalysts to drive 2014 and 2015 core earnings growth; 2) very asset-sensitive balance sheet to drive earnings in 2015/2016; 3) these catalysts should drive consensus higher toward our estimates; and 4) attractive risk/reward profile.” Zions Bancorporation closed on Friday at $30.90.