Keefe Bruyette downgraded U.S. Bancorp to Market Perform from Outperform with a price target of $45, down from $52, following the Q1 report. The bank reported a net interest income miss and higher credit costs, and its NII outlook was disappointing and more than offset its lower expense guidance, the analyst tells investors in a research note. The firm now believes be the stock will likely be challenged near term owing to increases in nonperforming assets, negative deposit migration and negative estimate revisions.
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