U.S. Bancorp (USB) PT Raised to $54 at Baird

Baird analyst David George raised the price target on U.S. Bancorp (NYSE: USB) to $54.00 (from $52.00) while maintaining a Neutral rating.

The analyst commented: "Stock up as encouraging NIM expansion leads to PPNR outperformance, FY guide reiterated. USB reported Q423 EPS of $1.03 (vs. consensus $0.99), including an ~$89M ($0.06 EPS impact) post-tax impact from a securities repositioning. Overall, PPNR trends were solid, with NII up ~3% sequentially, core fee income down ~1% sequentially, and core expenses were flat, with NIM being better than expected (~2.75% vs. ~2.65 consensus). NII trends were a little better than expected partially offset by lower fees versus consensus, and importantly credit trends are in good shape. We appreciate the execution, but we believe risk/reward is generally balanced with the stock trading at ~2x TBV."

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