- Baird analysts upgraded Zions Bancorp to Outperform
- US regional banks gain in pre-market after the sell-off triggered by rising loans at-risk
- Baird analysts upgraded Zions Bancorp to Outperform
- US regional banks gain in pre-market after the sell-off triggered by rising loans at-risk
Yesterday, $50M loan loss triggered the 13% sell-off for Zions Bancorp shares, pressuring broader US banking sector. Investors are worried that a numerous US bankruptcies such as Tricolor and First Brands will pressure financial conditions for banks exposed to such risks. However, Baird analysts said that the Zions' loss was not systemic but rather a one-off issue. Also, Raymond James analysts agreed the risk for the bank seems contained. However loans at-risk level are rising. Zions will report Q3 earnings on Monday. The stock is up almost 5% in premarket today. Baird upgraded the Zions from Outperform to Outperform and $65 target, which is almost 40% higher than current share price.
Source: xStation5
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