age ratio. Specific to WFC, risks are enhanced regulatory scrutiny and capital standards as a Global SIFI, and issues surrounding its cross selling. Zions Bancorp (ZION) We use a three-factor valuation framework (P/E, P/TBV, DCF) to arrive at our $36 price objective and assign a 1.2x multiple to 2017E TBV. Our

H. Poonawala Regions Financial RF RF US Erika Najarian Synovus Financial Corp. SNV SNV US Ebrahim H. Poonawala U.S. Bancorp USB USB US Erika Najarian Zions Bancorp ZION ZION US Erika Najarian UNDERPERFORM Bank of Hawaii Corp. BOH BOH US Ebrahim H. Poonawala Cullen/Frost Bankers Inc CFR CFRUS Ebrahim H. Poonawala