Zions Bancorp draws downgrade as Citi sees ‘more favorable risk/reward elsewhere’

Zions Bancorp weighed on the S&P 500 on Tuesday as the stock dropped in the wake of a downgrade at Citi on valuation.

Zions ZION fell 4% as the fifth-worst performer in the S&P 500 SPX on Tuesday, after Citi analyst Keith Horwitz cut his rating on the regional bank to neutral from buy. Horwitz kept his price target of $37 a share on the company.

“Zion…