Morgan Stanley downgraded Zions Bancorp to Underweight from Equal Weight with a price target of $32, up from $27. After a 70% rally from the May lows, Zions is now trading in-line with peers after having consistently been at a discount for the majority of 2023, the analyst tells investors in a research note. The firm believes this skews the stock’s risk/reward to the downside in a higher for longer rate environment.
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