6. Zions Bancorporation
Shares of Zions Bancorporation (ZION) of Salt Lake City closed at $19.13 Friday, returning 18% year-to-date, after declining 33% last year.
The shares trade just below the company's reported March 31 tangible common equity per common share of $19.39, and for ten times the consensus 2013 earnings estimate of $1.85. The consensus 2012 EPS estimate is $1.27.
D.A. Davidson analyst Gary Tenner on June 5 upgraded Zions Bancorporation to a "Buy" rating with a 12-18 month price target of $22 and a five-year price target of $40. That's a refreshing approach, since most sell-side analysts stick to 12-month price targets for long-term investments.Tenner upgraded the shares because they had declined 15% since his April 24 downgrade to a "neutral rating, saying after the shares closed at $17.54 on June 4 that "we find value in ZION shares trading at a 10% discount to 1Q12
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