Zions Bancorp price target raised to $38 from $35 at Stephens

Stephens analyst Terry McEvoy raised the firm’s price target on Zions Bancorp to $38 from $35 and keeps an Equal Weight rating on the shares after Zions reported better-than-expected PPNR in Q2 with upside in net interest and fee income. The bank’s net interest margin is “moving closer to where it might bottom in this environment after witnessing a ~55% interest-bearing deposit beta,” says the analyst, who points to higher bank valuations for its higher target on the shares.