Zions Bancorp price target lowered to $45 from $46 at Truist

Truist lowered the firm’s price target on Zions Bancorp to $45 from $46 and keeps a Hold rating on the shares as part of a broader Q1 earnings recap research note on Regional and Community Banks. The firm now sees Fed funds rate forecast shifting to zero cuts in 2024 and four 25bps cuts in 2025, the analyst tells investors in a research note. Truist adds that its revisions for the bank reflect a higher net interest income on stronger net interest magin and larger balance sheet, though the firm also notes that this was a very positive quarter for Zions with an improved net interest income trajectory, lower interest bearing deposit costs, and a decline in net charge offs.