UPDATE: Credit Suisse Lowering Price Target On Zions Bancorporation

Credit Suisse is out with a research report on Zions Bancorporation ZION and is lowering its price target to $31 from $33, but is keeping its Outperform rating on shares. In a note to clients, Credit Suisse writes, "We reduced our 2013 EPS estimate for ZION to $2.60 from $2.80, while our near-term estimates are unchanged, and we remain two cents above the street on 3Q11: The key drivers were (1) modestly lower NIM, (2) slower loan growth, (3) slight increase to our TARP-related common equity raise in 4Q, offset by (4) a small decrease to our provision estimate. We reduced our 2013 EPS estimate to $2.60 from $2.80; TP declines to $31 from $33. We are revising our 2011/2012 EPS estimates to $0.82/$1.89 (from $0.84/$1.82)." Shares of ZION lost $1.80 yesterday to close at $17.33.