DA Davidson lowered the firm’s price target on U.S. Bancorp to $44 from $45 and keeps a Neutral rating on the shares after its Q1 results and a cut to its net interest income outlook. The revision is driven by the slower than anticipated relief on deposit migration and deposit costs owing to “higher for longer” interest rates, though the company remains optimistic as loan pipelines are strengthened and sees some period-end loan momentum for U.S. Bancorp, the analyst tells investors in a research note.
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