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Upgrade Alert for Zions Bancorporation (ZION)

By Nick Russo

Zions Bancorporation (NASDAQ:ZION) was upgraded from Neutral to Overweight at Piper Jaffray today. The stock closed yesterday at $24.41 on volume of 4.7 million shares, above average daily volume of 3.0 million.

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 $24.41, 85% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 1.7%.

Zions Bancorporation has overhead space with shares priced $24.41, or 26.3% below the average consensus analyst price target of $33.12. The stock should run into initial resistance at its 50-day moving average (MA) of $24.91 and subsequent resistance at its 200-day MA of $26.74.

SmarTrend recommended that its subscribers protect gains by selling shares of Zions Bancorporation on June 16th, 2016 by issuing a Downtrend alert when the shares were trading at $26.47. Since that call, shares of Zions Bancorporation have fallen 9.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades zions bancorporation

Ticker(s): ZION