Wolfe Research analyst Bill Carcache last night downgraded both Zions Bancorp (ZION) and Cullen/Frost (CFR) to Peer Perform from Outperform without a price targets. Both banks have outperformed mid-cap peers year-to-date but are most exposed to investor sentiment shifts around tangible capital as they are running with the lowest levels of tangible common equity, Carcache tells investors in a research note. With the stocks shares hovering near his prior price targets, the analyst sees more limited upside.
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