U.S. Bancorp price target lowered to $45 from $46 at Evercore ISI

Evercore ISI analyst John Pancari lowered the firm’s price target on U.S. Bancorp to $45 from $46 and keeps an In Line rating on the shares. The firm is revising its 2024 and 2025 EPS estimates to $3.92 and $4.39 from $3.96 and $4.17, respectively, following the company reporting its Q4 results. The 1% lowering of 2024 EPS is driven by lower NII and higher LLP, partially offset by higher fees and modestly lower expenses, while its 5% 2025 estimate bump is driven by higher fees and a lower expense forecast, the analyst tells investors.