Jefferies analyst David Chiaverini upgraded the rating on Zions Bancorporation National Association to a Buy today, setting a price target of $60.00.
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David Chiaverini has given his Buy rating due to a combination of factors that suggest a positive outlook for Zions Bancorporation. The recent $50 million charge-off related to alleged fraud, while significant, is viewed as an isolated incident and not indicative of broader credit issues. The bank’s core credit trends remain strong, with a decline in criticized balances and low non-performing assets, which supports the view that the credit concerns are overblown.
Furthermore, Zions Bancorporation is showing signs of improving growth prospects. The bank has raised its loan growth guidance and is taking proactive steps to enhance loan production and deposit growth. The valuation of Zions’ stock is also attractive, trading at a discount compared to its regional peers. With these factors in mind, Chiaverini believes that the stock’s current price presents a buying opportunity as the bank continues to demonstrate solid fundamentals and growth potential.
In another report released on November 7, TR | OpenAI – 4o also upgraded the stock to a Buy with a $56.00 price target.