Morgan Stanley analyst Manan Gosalia raised the firm’s price target on Zions Bancorp (ZION) to $70 from $63 and keeps an Equal Weight rating on the shares. A steepening yield curve with lower short end rates is “an ideal backdrop for Midcap Banks,” says the analyst, who is upgrading the industry view to Attractive. The midcap banks group has underperformed year-to-date, setting up “a compelling buying opportunity,” the analyst tells investors.
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