Goldman Sachs upgraded Zions Bancorp (ZION) to Buy from Neutral with a $71 price target which represents 30% upside to shares. The firm believes Zions is well positioned for the next part of the cycle given its potential for net interest margin expansion as it re-prices deposits lower and benefits from fixed rate asset re-pricing. The bank should be a beneficiary from a pick up in commercial loan growth and given the recent move in rates, it should benefit from having a slightly asset sensitive balance sheet, the analyst tells investors in a research note. Goldman expects Zions to post positive operating leverage in 2025, helping drive operating efficiency and return improvement.
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