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