Deutsche Bank Upgrades US Bancorp (USB) to Buy, On $3 Normalized EPS
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Deutsche Bank upgrades US Bancorp (NYSE: USB) from Hold to Buy and raised their price target from $20 to $21, saying $3 normalized EPS possible.
The firm said, " Our BUY rating reflects our view that USB shares are cheaper than they initially seem once we account for likely large amounts of excess capital within a few years and positive book value growth (vs. declines at most banks). USB has lagged the recent bank stock rally by more than 1500bps due to a higher valuation and view that EPS leverage to a recovery is less. But once we factor in excess capital, we find EPS could approach $3 when earnings normalize."
Shares of USB closed at $17.86 yesterday, providing nearly 18% upside to the firm's new price target.
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