Zions Bancorp price target lowered to $34 from $39 at Truist

Truist lowered the firm’s price target on Zions Bancorp to $34 from $39 and keeps a Buy rating on the shares as part of a broader research note recapping Q3 results for Community and Regional Banks. The firm is reducing its 2024/2025 EPS forecast to $4.35/$4.35 from $4.70/$4.48, driven by lower net interest margin and offset partially by higher fee income. The firm adds that Zions management’s net interest income guidance was lower than its prior forecast, which assumed that net interest income would begin to inflect higher after the mid-quarter update in September.