UPDATE: JP Morgan Downgrades US Bancorp to Neutral on Narrower Gap to Peers

JP Morgan downgraded US Bancorp

from Overweight to Neutral and lowered the price target from $39.50 to $37.50. JP Morgan said, "Revenue growth in the industry is slowing due to low rates and tough fee revenue comps in 2013. USB has benefited from the crisis by growing additional businesses to drive revenue growth faster than peers over last couple of years – notably mortgage originations, which offset slowdown in payments processing fee growth. As these new businesses mature and mortgage origination revenues decline, USB's revenue growth is slowing and we expect the gap in revenue growth for USB to narrow versus peers. In addition, USB is already the leader in efficiency ratio and has limited room to make large expense cuts." US Bancorp closed at $33.33 on Tuesday.