UPDATE: Oppenheimer Downgrades US Bancorp to Perform as Stocks Reaches PT of $32

Oppenheimer lowered its rating on US Bancorp

from Outperform to Underperform while maintaining the price target at $32. Oppenheimer commented, "USB beat our 2Q12 earnings estimate and we are raising our estimates a bit, but the stock has hit our price target. Thus, we are lowering our rating to Perform from Outperform. We want to stress that we view USB as one of the best secular growth stories in our coverage and believe that the company will generate value over time and reward long-term holders, but think that there are more compelling valuations elsewhere. While we do not maintain target prices on our Perform-rated stocks, applying our prior valuation methodology of assuming a 0.8X relative multiple to our new $3.10 EPS estimate for 2013 would yield a $33-34 fair value." US Bancorp closed at $33.48 on Wednesday.