Zions Bancorp (ZION) Stock Price Target Increased at Jefferies

NEW YORK (TheStreet) -- Zions Bancorp (ZION) stock had its price target increased to $30 from $28 at Jefferies today, which maintained its "hold" rating. Zions shares closed flat at $31.95.

"Zion expects to generate a double-digit return on tangible common equity over time, but this is subject to the magnitude of capital return, the extent to which rates rise, normalized credit losses, and the level of preferred stock," Jefferies analysts noted.

The firm increases 2015 earnings to $1.60 from $1.50, with 2016 operating earnings per share estimates to $2.10 from $1.95.

Zions is expected to hold operating expenses below $1.6 billion in 2015 and 2016, and then to see an increase to slightly above $1.6 billion in 2017.

Zions Bancorporation is a financial holding company that owns and operates eight commercial banks with a total of approximately 460 domestic branches.

Separately, TheStreet Ratings team rates ZIONS BANCORPORATION as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate ZIONS BANCORPORATION (ZION) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its expanding profit margins, notable return on equity and increase in stock price during the past year. We feel its strengths outweigh the fact that the company has had sub par growth in net income."

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