UPDATE: Bank of America Upgrades Zions Bancorp to Neutral and Lowers PT from $21 to $18

Bank of America has published a research report on Zions Bancorp ZION upgrading the company's stock from Underperform to Neutral and lowering the price target from $21 to $18. In the report, Bank of America wrote, "In reconsidering our opinion on ZION stock following recent bank stock underperformance, we examined the risk/reward scenarios when taking into account the aforementioned risks (Chart 1). Should ZION continue to command a premium P/E multiple to the group (at 11x) and not have to issue common to exit TARP, the implied upside is 20%." Bank of America upgraded Zions Bancorp from Underperform to Neutral with a price target lowered from $21.00 to $18.00.