Deutsche Bank initiated coverage of Zions Bancorp with a Hold rating and $47 price target. Zions has made significant progress reducing overall funding costs and has continued to make investments in technology and improving its core loan and deposit systems, the analyst tells investors in a research note. However, the firm’s Hold rating is based on a cautious view of the overall bank group currently, Zions’ over-leverage to net interest income, and continued non-interest bearing deposit outflows and deposit migration.
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