Zions Bancorp's Q2 2023 Earnings Exceed Expectations: Analysts Increase Price Targets

Many analysts raised the price target of Zions Bancorp NA ZION following Q2 2023 earnings results.

The company reported Q2 2023 revenues of $780 million, beating the consensus of $758.5 million, and EPS of $1.11 was in line with the consensus. 

At an Equal-Weight rating, Stephens & Co. raised the price target to $38 from $35, and Morgan Stanley increased the price target to $27 from $26.

Stephens analyst Terry McEvoy raised operating EPS estimates to $4.55 (from $4.40) for 2023 and $4.00 (from $3.60) for 2024.

At a Neutral rating, Goldman Sachs upped the price target to $37 from $30 and Wedbush to $38 from $30.

However, Wedbush analyst lowered 2023 core EPS estimate to $4.80 from $5.08 due to lower average earning assets. 

Nevertheless, the analyst raised 2024 and 2025 EPS estimates to $5.10 (from $5.00) and $5.40 (from $5.35), respectively, on higher NIM and fee income assumptions.

Meanwhile, RBC Capital raised the price target to $37 from $32 with a Sector Perform rating. 

The analyst Jon G. Arfstrom raised EPS estimate to $4.68 (from $4.60) for 2023 while maintaining the 2024 estimate at $4.25. 

Price Action: ZION shares are trading higher by 10.1% at $37.96 on the last check Thursday.