These Analysts Revise Their Forecasts On Zions Bancorp After Q1 Results
Portfolio Pulse from Avi Kapoor
Zions Bancorporation, N.A. (NASDAQ:ZION) reported Q1 FY24 results with a revenue decline of 11.6% year-on-year to $742 million, missing estimates by a slight margin. However, its adjusted EPS of $1.03 exceeded expectations. The company saw a 33% decline in PPNR, but loans, leases, and total deposits showed growth. Following the earnings announcement, RBC Capital raised its price target on ZION from $46 to $47, while UBS lowered its target from $47 to $45.
April 23, 2024 | 3:39 pm
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Zions Bancorporation reported a revenue decline but exceeded EPS estimates in Q1 FY24. RBC Capital and UBS revised their price targets following the earnings announcement.
The mixed Q1 FY24 results with a revenue decline but an EPS beat could lead to short-term positive sentiment due to the earnings beat and the upward price target revision by RBC Capital. However, the slight decrease in price target by UBS indicates a cautious outlook from some analysts. The overall impact is likely positive in the short term due to the earnings beat and the positive adjustment in price target by RBC Capital.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100