美国银行称最近的信贷担忧“过头了”，Zions Bancoration升级

Bank of America Securities on Wednesday upgraded Zions Bancorporation (NASDAQ:ZION) stock to Neutral from Underperform as analyst Brandon Berman believed recent credit risk concerns were overdone.

Last week, the regional lender's stock plunged after disclosing "apparent misrepresentations and contractual defaults" by the borrowers and supporting collateral when it reviewed two related loans made by its California Bank & Trust division. But it didn't take long before shares rebounded as credit jitters eased, especially after Zion's stronger-than-expected Q3 earnings released early this week. 

"Last week’s fraud-related loan writedown does paint ZION’s risk management in poor light," Berman wrote in a note to clients. But "we don’t believe it represents systemic issues nor should it undermine the progress management has made since the" 2008 Great Recession.

Similarly, on Oct. 17, Baird Equity Research also upgraded Zions (NASDAQ:ZION) after the "overdone" stock sell-off, underscoring easing nerves across Wall Street.

ZION shares gained 0.9% in Thursday afternoon trading. Shares were still off 11% M/M and 4% YTD.

The stock's valuation discount to its pre-pandemic average, standing at -19% based on Berman's 2026 estimates. "captures abovetrend credit risk but neglects the bank’s [tangible book value] growth prospects (15% vs. 10% peer avg.)," the note said.

BofA's Neutral rate agrees with the SA Quant system rating and the average Wall Street analyst rating, but diverged from the average SA analyst rating of Buy.