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Ongoing weakness in the Southwestern residential real estate markets, where the company has significant exposure, continues to hurt the results. Though loan and deposit growth were satisfactory, NIM declined further during the quarter.
After reviewing the results, we have lowered our EPS estimates, based on our concerns for further credit deterioration and dilutive effect of the capital raise. We are maintaining our Sell recommendation on the shares of ZION.
The Bear of the Day is one of the latest Sell recommendations from Zacks Equity Research. Our team of analysts consistently identify stocks set to outperform the market (Bull of the Day) and underperform the market over the next six months. Discover More Bear of the Day stocks.
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