The Underweight rating suggests that Barclays believes Zions Bancorp's stock may underperform the sector or the broader market. However, the increase in the price target from $35 to $47 indicates that Barclays sees some improved valuation metrics or potential in Zions Bancorp, albeit not enough to change the overall negative stance. This mixed signal could lead to short-term uncertainty among investors, potentially exerting downward pressure on the stock price.