UBS lowered the firm’s price target on U.S. Bancorp to $43 from $47 and keeps a Neutral rating on the shares. U.S. Bancorp underperformed on Tuesday after lowering its full year pre-provision net revenue outlook as a greater than expected mix shift in noninterest bearing deposits led to a negative revision in net interest income, the analyst tells investors in a research note. The outlook being changed so soon after having pointed to $16.6B+ during Q1 surprised many, which could limit its multiple expansion, the firm says.
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