DA Davidson lowered the firm’s price target on U.S. Bancorp to $36 from $40 and keeps a Neutral rating on the shares. While the Fed determined that the bank no longer needs to meet Category II requirements by year-end FY24, U.S. Bancorp is still subject to Category II when average assets go above $700B for four quarters in a row, the analyst tells investors in a research note. U.S. Bancorp is expecting additional net interest income pressure in Q4, but they believe the quarter should be the trough for net interest income and net interest margins, the firm added.
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