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Downgrade Alert for Zions Bancorporation (ZION)

By Shiri Gupta

Zions Bancorporation (NASDAQ:ZION) was downgraded from Outperform to Market Perform at FBR Capital today. The stock closed yesterday at $31.30 on volume of 2.5 million shares, below average daily volume of 3.0 million.

There is potential upside of 5.8% for shares of Zions Bancorporation based on a current price of $31.30 and an average consensus analyst price target of $33.12. Zions Bancorporation shares have support at the 200-day moving average (MA) of $26.74 and additional support at the 50-day MA of $24.91.

Zions Bancorporation is a bank holding company that operates full-service banking offices in western United States. The Company also offers an array of investment, mortgage, insurance, and electronic commerce services. In addition, Zions provides financing solutions for small businesses across the United States.

Over the past year, Zions Bancorporation has traded in a range of $13.18 to $33.33 and closed yesterday at $31.30, 137% above that low. The 200-day and 50-day moving averages have moved 0.33% lower and 1.69% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Zions Bancorporation on July 14th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $26.07. Since that recommendation, shares of Zions Bancorporation have risen 22.0%. We continue to monitor ZION for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades zions bancorporation

Ticker(s): ZION