Zions Bancorp price target lowered to $59 from $62 at Piper Sandler

Piper Sandler lowered the firm’s price target on Zions Bancorp (ZION) to $59 from $62 and keeps a Neutral rating on the shares. After the close, Zions disclosed that it recently learned of legal actions taken by multiple banks and lenders against parties connected to two borrowers involved in two C&I loans from its CB&T division. Upon discovery, Zions performed an internal review and uncovered apparent misrepresentations and irregularities related to the loans, the firm notes. Subsequently, the company decided to take a $60M provision for the full relationship and charge off $50M of the amount outstanding.