UPDATE: Baird Downgrades U.S. Bancorp (USB) to Neutral
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Baird analyst David George downgraded U.S. Bancorp (NYSE: USB) from Outperform to Neutral with a price target of $55.00.
The analyst comments "Higher interest rates and reopening optimism have sharply improved bank investor sentiment, and the market appears a bit frothy with USB and most banks now near or above pre-pandemic levels while the UST 10-year yield is only slightly above the previous all-time lows before 2020. We expect USB to continue executing well but believe the bank has less upside leverage to higher rates relative to other regional peers, and we find the risk/reward for shares to be balanced at ~2.35x TBV (vs. ~1.9x peer median)."
Shares of U.S. Bancorp closed at $56.27 yesterday.
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