Zions Bancorp upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley upgraded Zions Bancorp to Equal Weight from Underweight with a $54 price target. The firm says a faster pace of interest rate cuts is positive for net interest margin at mid-cap banks and more mixed for large-cap banks. Zions’ net interest income and earnings should benefit as rates move lower, the analyst tells investors in a research note. Morgan Stanley models the net interest margin benefit at Zions is relatively in-line with the median of the broader mid-cap bank group.