Stephens lowered the firm’s price target on U.S. Bancorp to $47 from $49 and keeps an Equal Weight rating on the shares after having updated estimates following the company’s Q4 report. The company reiterated flat expense growth in 2024 off the adjusted 2023 levels, with positive operating leverage more likely in the second half of 2024, noted the analyst, who says the firm’s 2025 ROTCE estimate for U.S. Bancorp is above-peers at 16.6%.
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