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Zions Bancorp downgraded to Underweight from Equal Weight at Morgan Stanley

Zions Bancorp downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley downgraded Zions Bancorp to Underweight from Equal Weight with a price target of $32, up from $27. After a 70% rally from the May lows, Zions is now trading in-line with peers after having consistently been at a discount for the majority of 2023, the analyst tells investors in a research note. The firm believes this skews the stock’s risk/reward to the downside in a higher for longer rate environment.

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