Zions Bancorp Shares Are Downgraded on Lack of Catalysts [TheStreet.com]
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Source: TheStreet.com
Zions Bancorp ( ZION Get Report Erika Najarian, an analyst with Bank of America Merrill Lynch, cut the bank's rating to neutral from buy. In a note to investors, she said Zions's 2020 outlook, including lower operating leverage, “suggests limited catalysts" to drive a higher multiple. Najarian said investors are likely expecting a better expense forecast, which partly had Zions reported fourth-quarter earnings of $174 million, or 97 cents a share, down from $217 million, or $1.08, in the year-earlier quarter. During a conference call with analysts Chief Financial Officer Paul Burdiss said the results were hurt by "severance and restructuring charges and the resolution of an operational issue" and helped "by a derivative valuation gain on customer-related interest rate swaps." "Combined, these factors adversely impacted return on average assets by about 20 basis points and return on average tangible common equity by about 200 basis points," Burdiss said. "We remain focused on continuin
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