J P M O R G A N Zions Bancorp NA North America Equity Research 21 July 2026 Downgrade to Underweight: With Deposit Costs Likely Ramping, Shares' Steep Premium Valuation At Risk We are downgrading ZION shares to Underweight. Heading into this earnings season, we were cautious on regional banks tied to a view that deposit cost competition will intensify from already elevated levels, and specifically on ZION the stock was our lowest rated Neutral in our rank order of our coverage universe heading into earnings ...