Jefferies Maintains Hold, $29 PT on US Bancorp

Jefferies reiterates its Hold rating and $29 target price on US Bancorp (NYSE: USB) as the company delivers a modest beat for the fourth quarter, primarily driven by increase in fees.

Jefferies says, "Overall numbers look solid, with core EPS of $0.64 a penny ahead of consensus. The beat looks to be driven by stronger-than-expected fees (particularly merchant and mortgage), and we expect shares to act relatively well on the open. Key to the call will be net interest margin guidance (NIM was down 5bp to 3.60%, the low end of guidance) as otherwise current revenue and expense run-rates look pretty safe."

USB closed at $28.77 per share on Tuesday.