Zions Bancorp price target lowered to $57 from $60 at Truist

Truist analyst Jennifer Demba lowered the firm’s price target on Zions Bancorp to $57 from $60 and keeps a Buy rating on the shares as part of a broader research note on Banks. The analyst is updating the company’s model to reflect expectations of lower net interest margins and higher credit costs, also modeling that the FOMC’s 50bps rate hike this month and 25bps hike in 2023 will be followed by 125bps in rate cuts in 2024. The analyst further projects a recession sometime next year, accompanied by higher net charge offs, provisioning, and incrementally higher reserve levels.