: Zions Bancorp downgraded to neutral from buy at Citi

Zions Bancorp ZION has been downgraded to neutral from buy on valuation grounds by Citi analyst Keith Horwitz, who kept his price target of $37 a share on the regional bank. “Zion trades near the median on our implied cost of equity metric and we see more favorable risk/reward elsewhere,” Horwitz said in a research note published late Monday. Zions stock is down by 27.2% in 2023, compared to a 17.5% dip by the KBW Nasdaq Bank Index BKX. The stock dropped by 1.1% in after hours trading on Monday and has not yet traded in the pre-market on Tuesday.

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