ZION - Zions Bancorporation upgraded Huntington Bank downgraded at Wolfe

Wolfe Research analyst Bill Carcache upgrades Zions Bancorporation (NASDAQ:ZION) to Outperform and downgrades Huntington Bancshares (NASDAQ:HBAN) to Peer Perform on Zion's edge to greater asset sensitivity and "higher gearing to accelerating commercial loan growth." "We remain constructive on HBAN’s longer-term outlook and expect it to successfully execute on the integration of TCF, but we see relatively greater value in ZION," Carcache wrote in a letter to clients. He also notes that Zions (ZION) outperformed Huntington (HBAN) when the U.S. exited the last zero interest rate policy cycle, "and we expect as similar dynamic as we exit this one." Lifts ZION price target to $85 from $64, implying a 0.70x market multiple. Carcache's Outperform rating on Zions (ZION) compares with the Very Bullish Quant rating and breaks from the average Wall Street rating of Neutral (6 Very Bullish, 1 Bullish, 14 Neutral, 2 Very Bullish). His Peer Perform rating on Huntington

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Zions Bancorporation upgraded, Huntington Bank downgraded at Wolfe