Market Overview

UPDATE: Bank of America Downgrades US Bancorp to Neutral on Comparative Upside Outlook

Related USB
A Look At 3 Financial ETFs Amid November's Strong Jobs Report
UPDATE: Keefe, Bruyette & Woods Downgrades U.S. Bancorp Due To Valuation Concerns
Making Money With Charles Payne: 12/8/14 (Fox Business)

Bank of America reduced its rating on US Bancorp (NYSE: USB) from Buy to Neutral and reduced its price objective from $37 to $35.

Bank of America noted, "We are downgrading USB to Neutral from Buy. We are also lowering our PO to $35 from $37 as we believe that USB's above average valuations will come under pressure based on a declining ROTE that we forecast. While we expect USB's fundamentals to remain best-in-class, we see better upside in money center names C (30% to our PO; here) and JPM (16%; here), and prefer PNC and WFC in the regional banks. Investors have gravitated toward the relative “safety” of the regional banks given the lower global macro/US policy risk associated with these names and better earnings visibility vs. the money centers."

US Bancorp closed at $34.68 on Tuesday.

Latest Ratings for USB

DateFirmActionFromTo
Dec 2014Keefe Bruyette & WoodsDowngradesMarket PerformUnderperform
Oct 2014CitigroupMaintainsNeutral
Oct 2014Raymond JamesDowngradesStrong BuyMarket Perform

View More Analyst Ratings for USB
View the Latest Analyst Ratings

Posted-In: Bank of AmericaAnalyst Color Downgrades Intraday Update Analyst Ratings

 

Related Articles (USB)

Around the Web, We're Loving...

Get Benzinga's Newsletters