Jefferies upgraded Zions Bancorp (ZION) to Buy from Hold with a price target of $60, up from $55. The stock pullback on the alleged fraud-related charge-off in Q3 combined with the “mini credit scare” among non-bank financials is overdone, the analyst tells investors in a research note. Jefferies views the charge-off as an “isolated issue” and expects further assurance on Zions’ credit in the coming quarters. It also expects momentum on the bank’s core fundamentals, particularly in loans and deposits.
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