Shares of Zions Bancorp have surged 70 percent so far this year, making it the best performing stock in the first quarter. In addition, the shares are up more than 225 percent since the market bottom in March 2009. Is there still room left for investors to get in? Bob Patten, managing director and senior bank analyst at Morgan Keegan, shared his insights.
“The stock’s been up big,” Patten told CNBC.
“The market underestimated the recovery here, so it’s about visibility and it’s about credit getting better.”
Patten said he has a "hold" rating on Zions . He believes investors shouldn’t chase the stock unless they are longer-term oriented.
“We’d push investors to other names like Marshall & Illsey, Fifth Third, BB&T or Huntington instead,” he recommended.
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Patten does not own shares of ZION.
Morgan Keegan makes a market share in ZION.