22 October 2024, 05:23 | Alexander Yokum, CFA

CFRA Reiterates Hold Recommendation on Shares of Zions Bancorporation

We raise our 12-month target price by $1 to $54, 11.3x our 2025 EPS estimate, a modest premium to the peer average of 11.0x. We increase our 2024 EPS estimate by $0.25 to $4.81 and 2025’s by $0.05 to $4.79. ZION posted Q3 EPS of $1.37 vs. $1.13 a year ago, $0.20 above consensus. It was a strong quarter as net interest income jumped 4% Q/Q on 5 bps of net interest margin expansion to 3.03%. Cust

22 October 2024, 02:48 | Stewart Glickman, CFA

CFRA Keeps Sell Opinion on Shares of Phillips 66

Our 12-month target price of $125, cut $9, reflects a 7.8x multiple of enterprise value to projected 2025 EBITDA, about in line with PSX’s historical forward average. We cut our 2024 EPS estimate by $1.86 to $7.59 and 2025’s by $1.30 to $10.97. We think Q3 operating metrics are going to be fairly unkind to refiners, although to be fair, this is in terms of relative performance given gaudy Q3 2

22 October 2024, 02:03 | Keith Snyder

CFRA Maintains Sell Opinion on Shares of Verizon Communications Inc.

VZ announced it has signed an agreement with United States Cellular Corporation (USM 62 **) to purchase certain spectrum licenses for $1 billion. The agreement involves licenses in the 850MHz, AWS, and PCS spectrums. The deal, subject to customary closing conditions, regulatory approval, and the completion of USM’s other asset sale to T-Mobile (TMUS 223 *****), is expected to close by mid-2025.