ISI Group Reiterates Neutral Rating, $35 PT on U.S. Bancorp on Lowered 2013 EPS Estimate - U.S. Bancorp (NYSE:USB)

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In a report published Monday, ISI Group reiterated its Neutral rating and $35.00 price target on U.S. Bancorp (NYSE: USB).ISI Group noted, “We are reducing our 2013 EPS estimate by $0.05 mainly to reflect a modestly lower mortgage banking revenue outlook, slightly slower loan growth, and slightly more NIM pressure (all in 1Q13) following recent comments from senior management. We are maintaining our 2014 and 2015 EPS estimates as we anticipate USB will be able to offset a slower revenue outlook by controlling costs more aggressively.”U.S. Bancorp closed on Friday at $34.25.

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