UPDATE: Morgan Stanley Downgrades U.S. Bancorp to Equal-Weight on Valuation
Morgan Stanley reduced its rating on U.S. Bancorp (NYSE: USB) from Overweight to Equal-weight with a reiterated $35 price target.
Morgan Stanley commented, "Stock approaching fair value… currently trades at 1.5x 2014e P/B on 16% 2014 ROE. Higher capital return, lower earnings volatility largely priced in. Given USB has best in class efficiency ratios, it has less room to manage costs down from current levels relative to peers."
U.S. Bancorp closed at $32.57 on Tuesday.
Latest Ratings for USB
|Jan 2015||Evercore ISI||Initiates Coverage on||Hold|
|Dec 2014||Keefe Bruyette & Woods||Downgrades||Market Perform||Underperform|
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