Bank of America: Another Outstanding Quarter for US Bancorp
In a research report published this morning by Bank of America, U.S. Bancorp (NYSE: USB) posted standout 1Q12 results.
According to Bank of America, “Many concerns surrounding owning USB into the quarter was that it would be a seasonally weak one for credit/debit revenue and merchant processing. However, while merchant processing fees sequentially, they were up 12% YoY and beat our estimates by 6%.”
Bank of America maintains its Buy rating and $32 PO on U.S. Bancorp, which is currently trading at $31.27.
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