Zions Bancorp price target lowered to $49 from $51 at Jefferies

Jefferies lowered the firm’s price target on Zions Bancorp to $49 from $51 and keeps a Hold rating on the shares after having recently met with Zion CEO Harris Simmons. The magnitude of future net interest income growth will likely be pressured by Fed cuts, given Zion’s modestly asset-sensitive balance sheet, but the bank’s mid-60s efficiency ratio is more a reflection of subdued revenues versus an inefficient cost base, the analyst tells investors.