Zions Bancorporation National Association, the Financial sector company, was revisited by a Wall Street analyst today. Analyst David Chiaverini from Jefferies maintained a Hold rating on the stock and has a $55.00 price target.
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David Chiaverini has given his Hold rating due to a combination of factors that reflect a balanced outlook on Zions Bancorporation National Association. The company reported a solid quarter with core earnings and pre-provision net revenue surpassing expectations, driven by strong deposit growth and better-than-expected net interest margin and net interest income. Despite these positive results, the loan growth was below initial forecasts, although the guidance for future growth was raised.
Looking ahead, the bank’s guidance suggests moderate increases in loans, net interest income, and customer-related fee income, supported by commercial loan growth and increased customer activity. However, the anticipated improvements in net interest margin are tempered by expectations of a lower interest rate environment, which could limit the upside potential. Consequently, Chiaverini maintains a Hold rating as the current valuation appears to adequately reflect the company’s outlook, balancing the positive trends with the challenges posed by the macroeconomic environment.