Bank of America reduced its rating on US Bancorp USB from Buy to Neutral and reduced its price target 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.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in