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Zions: Financial Winner

Usdin said that "questions on capital remain" for Zions, as the company estimated a Basel III Tier 1 common equity ratio of 7.8%, and the analyst said that depending on how federal regulators' new rules on calculating risk-weighted assets are finalized, the company's CDO swap could cause its risk-weighted assets to increase by $4 billion, "causing the pro forma Basel III Tier 1 common ratio to be about 60bp lower, or around 7.2%."

The analyst said "Our $21 price target (from $22) applies a 12x multiple to our '13 EPS estimate of $1.75. This is lower than the historical multiple of 14x ('00-'07) to account for lower post-cycle growth and lower return on equity (ROE)."

ZION Chart ZION data by YCharts

Interested in more on Zions Bancorporation? See TheStreet Ratings' report card for this stock.

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-- Written by Philip van Doorn in Jupiter, Fla.

>Contact by Email.

Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.
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