Zions Bancorporation (ZION) NewsBite - ZION Upgraded By Sterne Agee

Posted: Tuesday, November 18, 2008 10:31 AM EDT

Zions Bancorporation (ZION) was upgraded today by analysts at Sterne Agee and the stock is now at $31.57, up $1.54 (5.13%) on volume of 463,830 shares traded. The brokerage upped ZION to "Hold" from "Sell," and raised its price target to $37 from $28. Over the last 52 weeks the stock has ranged from a low of $17.53 to a high of $57.05. Zions Bancorporation stock has been showing support around $28.14 and resistance in the $33.52 range. Technical indicators for the stock are neutral and S&P gives ZION a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on ZION the stock seems like it could be a candidate for a January out-of-the-money bull-put credit spread below the 25 range. [ABR-Seven Summits Strategic Investments NewsBite]

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