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摩根士丹利:市场对Zions欺诈风波反应过度

Core Viewpoint - Zions Bancorp reported significant losses in Q3 and disclosed that some borrowers are suspected of fraud, raising investor concerns and leading to a sharp decline in stock price [1] Financial Performance - The company recorded substantial losses in the third quarter [1] - Following the news, Zions' stock price experienced a 13% drop on Thursday but rebounded with a 2.9% increase on Friday [1] Market Reaction - The initial market reaction was deemed excessive by Morgan Stanley analysts, who noted a lack of evidence for other ongoing issues within the bank [1] - Analysts highlighted that while there is a risk of further loss provisions after an independent review, this risk is limited due to Zions' minimal exposure to non-depository financial institutions (NDFI) [1] Borrower Concerns - The bank disclosed that some borrowers involved in the fraud allegations are linked to multiple other lending institutions [1]