Jefferies upgrades Zions Bancorp to "buy", raises PT on improved outlook
Jefferies upgrades Zions Bancorporation ZION.O rating to "buy" from "hold"; raises PT to $60 from $55, an upside of 21.6% to stock's last close
Shares of the regional lender up about 1.9% at $50.26 in premarket trading
Brokerage believes the recent stock pullback is excessive and the outlook for fundamentals like loan growth, deposit growth, NII, fee income is improving for ZION
Jefferies notes the $50 million fraud-related charge-off in Q3 was an isolated event and small relative to Zions’ total loan book
"We expect momentum on core fundamentals, particularly in loans & deposits where growth has previously lagged, could steer the narrative back on track and narrow the discount," Jefferies says
Eight of 25 brokerages rate the stock "buy", 16 "hold" and one "sell"; median PT $61 — LSEG
As of last close, stock down ~9% YTD
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