UPDATE: J.P. Morgan Reiterates Overweight Rating, Raises PT on U.S. Bancorp

In a report published Friday, J.P. Morgan & Co. reiterated its Overweight rating on U.S. Bancorp

, and raised its price target from $38.50 to $41.00. J.P. Morgan noted, “We continue to rate U.S. Bancorp Overweight relative to the large cap peer group of bank stocks due to our expectations for favorable business mix, faster growth in revenues than peers from multiple sources, above-average earnings and tangible book value growth, and lower impact from regulatory/political issues. In addition, USB provides greater capital return than peers given high profitability and strong capital ratios.” U.S. Bancorp closed on Thursday at $34.16.