J.P. Morgan Chase raises price target on Zions Bancorp

J.P. Morgan Chase on Monday lifted its target price on shares of Zions Bancorporation from $23.50 to $24, as analysts expect the parent of Nevada State Bank to beat third-quarter earnings estimates. The firm currently has an "overweight" rating on the stock.

Analysts surveyed by Yahoo Finances expect earnings of 33 cents a share on revenue of $560.03 million, when the Salt Lake City-based banking holding company reports third quarter earnings on Oct. 22.

"In our view, just about very item that has detracted from the company's (earnings per share and tangible book value) over the last two years … is likely to continue reversing course over the next two years," said analysts Steven Alexopoulos, in an earnings preview report.

Zions on July 23 posted second quarter earnings of 40 cents a share, beating analysts estimates of 34 cents a share.

Share of Zions lost 16 cents, or 0.73 percent, on Monday to close at $21.82 on the Nasdaq. The company's 52-week share price low is $14.52 and its 52-week high is $22.81.