Morgan Stanley Maintains Overweight on US Bancorp

Morgan Stanley reiterates its Overweight rating on US Bancorp (NYSE: USB) despite slight miss on fee volume.

Morgan Stanley says, "USB reported 4Q11 EPS (ex one-timers) of $0.64, 2c lower than our estimates but 1c higher than consensus. 4c PPOP miss vs. our estimates was largely on lower fees and higher expenses. Miss on card fees was surprising given stronger volumes. 4c lower provisions offset PPOP miss. Taxes and preferred divi were each 1c higher than our estimates."

USB closed at $28.77 per share on Tuesday.