Zions Bancorp assumed with a Neutral at Piper Sandler

Piper Sandler analyst Matthew Clark assumed coverage of Zions Bancorp with a Neutral rating and $34 price target. The company’s relative valuation that has fully recovered, the analyst tells investors in a research note. The firm sees a “more subdued” return on assets profile, and a longer capital rebuilding process to comply with being treated as if it were a $100B-plus bank that will likely keep any material share repurchase activity on hold.