On Oct 17, major Wall Street analysts update their ratings for $U.S. Bancorp (USB.US)$, with price targets ranging from $49 to $60.
Goldman Sachs analyst Richard Ramsden maintains with a hold rating, and adjusts the target price from $46 to $49.
BofA Securities analyst Ebrahim Poonawala maintains with a buy rating, and adjusts the target price from $53 to $55.
Barclays analyst Jason Goldberg maintains with a buy rating, and adjusts the target price from $52 to $57.
Wells Fargo analyst Mike Mayo maintains with a buy rating, and adjusts the target price from $52 to $60.
Evercore analyst John Pancari maintains with a hold rating, and maintains the target price at $51.
Furthermore, according to the comprehensive report, the opinions of $U.S. Bancorp (USB.US)$'s main analysts recently are as follows:
Following the Q3 report, U.S. Bancorp's earnings surpassed expectations as net interest income exceeded projections and provisions were lower than anticipated.
U.S. Bancorp's third-quarter earnings surpassed expectations, with core pre-provision net revenue reaching $2.8B, slightly above consensus. This was due to net interest income that was 2% above forecasts, and core expenses that met expectations, though this was somewhat balanced by a 2% dip in fee income. Furthermore, the management's subtly revised net interest income forecast for FY24, which is now at the upper end of the previous range of $16.1B-16.4B, is considered positive in light of market anticipations of additional interest rate reductions by year's end and the observed subdued loan growth.
U.S. Bancorp has exhibited some of the industry's most consistent returns, despite facing challenging trends in net interest income (NII) and operating leverage over the past five quarters. Notably, NII saw a decline over four consecutive quarters from Q1 2023 to Q1 2024, with a cumulative drop of 14%, before it achieved a slight increase of 0.9% in Q2 2024 and then a 1.7% in Q3 2024. Operating leverage had been in the negative territory for five successive quarters, but when accounting for a specific loss related to securities portfolio restructuring, it posted a modest positive figure. There have only been two quarters of NII growth and one quarter of positive operating leverage, but there are indications that this trend could persist.
U.S. Bancorp has shifted from a negative stance to a positive one in terms of net interest income growth and operating leverage, which appears to be part of a longer-term inflection point. Projections have been modestly increased.
Here are the latest investment ratings and price targets for $U.S. Bancorp (USB.US)$ from 9 analysts:
Note:
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