Zions Bancorporation cut to Underperform at Evercore ISI amid funding pressures
Seeking Alpha ·
Zions Bancorporation ( ZION ) stock fell 2.9% in Thursday premarket trading after Evercore ISI downgraded the bank to Underperform from In Line as analyst John Pancari expects rate hikes won't benefit the bank as much as its stock valuation implies.
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Evercore ISI downgraded Zions Bancorporation from In Line to Underperform, causing its shares to drop 2.9% in pre-market trading on Thursday. Analyst John Pancari analyzed that the benefits of rate hikes will fall short of current valuation levels. This downgrade heightens market caution regarding funding pressures and adjusted profitability expectations for regional banks.
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- Banks — Funding pressures and slowing rate hike benefits caused Zions Bancorporation's shares to fall by 2.9%, raising profitability concerns across the regional banking sector.
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