ZION - Zions Bancorporation upgraded to Buy at Janney on buyback credit trends

Janney analyst Timothy Coffey upgrades Zions Bancorporation (ZION) to Buy from Neutral on buyback authorization, improved credit trends, and its undervalued deposit base.The company's recently announced $50M buyback authorization wasn't in Coffey's previous EPS estimates as he had placed a low probability of share repurchases in H1 2021.  "The authorization is a bullish signal management feels capital levels are adequate and that recent credit trends are not one-off," he wrote.The buyback program and improved credit quality could reflect faster economic rebound than previously estimated, he said. "Returns of capital to shareholders and better credit trends could indicate faster economic improvements in ZION's vast Southwest footprint."Lifts Q1 EPS estimate by a penny to $1.17, FY2021 EPS estimate by 5 cents to $4.34, and FY2022 EPS estimate by 6 cents to$4.03.ZION rises 0.4% in premarket trading.Quant rating for ZION is Very Bullish, including an A+ grade in earnings estimate revisions.

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Zions Bancorporation upgraded to Buy at Janney on buyback, credit trends