Zions Bancorp ZION has been downgraded to neutral from buy on valuation grounds by Citi analyst Keith Horwitz, who kept his price target of $37 a share on the regional bank. “Zion trades near the median on our implied cost of equity metric and we see more favorable risk/reward elsewhere,” Horwitz said in a research note published late Monday. Zions stock is down by 27.2% in 2023, compared to a 17.5% dip by the KBW Nasdaq Bank Index BKX. The stock dropped by 1.1% in after hours trading on Monday and has not yet traded in the pre-market on Tuesday.
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