Citi analyst Keith Horowitz downgraded Zions Bancorp to Neutral from Buy with a $37 price target. While the firm continues to see potential for upward revisions to 2H24 consensus NII estimates due to tailwinds from funding optimization and fixed asset repricing, it also factors in a more conservative outlook on fees and incremental expense pressure. The firm added that, as a result, it sees slight downside to 2024 consensus EPS.
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