UPDATE: Keefe, Bruyette & Woods Downgrades U.S. Bancorp to Market Perform, Lowers PT on Lowered EPS Estimates

In a report published Tuesday, Keefe, Bruyette & Woods analyst Christopher Mutascio downgraded the rating on

from Outperform to Market Perform, and lowered the price target from $45.00 to $44.00. In the report, Keefe, Bruyette & Woods noted, “We are lowering our 2014 and 2015 EPS estimates to $3.17 and $3.37 from $3.25 and $3.45, respectively due to the combination of more conservative loan loss reserve release assumptions and lower mortgage banking revenues. Our target price is reduced to $44 from $45 per share in conjunction with the revised EPS estimates. Potential upside to our new target price is less than 4%. As such, we are downgrading our rating to Market Perform.” U.S. Bancorp closed on Monday at $42.35.