Nomura Securities Raises Price Target on U.S. Bancorp (USB) Following 2Q Report
Nomura Securities reiterated a Buy rating on U.S. Bancorp (NYSE: USB), and raised the price target to $44.00 (from $39.00), following the company's 2Q earnings report. USB reported core EPS of $0.82, better than the consensus estimate of $0.80. Management initiated 3Q16 guidance, which calls for greater than previously expected NIM compression and higher operating expenses.
Analyst Bill Carcache commented, "USB reported GAAP EPS of $0.83. Excluding significant nonrecurring items (~$0.01), we estimate core EPS of $0.82, better than our estimate and consensus of $0.80. Relative to consensus, the beat was driven by better-than-expected fee income."
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Shares of U.S. Bancorp closed at $41.89 yesterday.