Wells Fargo lowered the firm’s price target on U.S. Bancorp to $48 from $50 and keeps an Overweight rating on the shares. The firm says USB‘s Q1 2024 results reflect good payments and other fee growth but higher-for-longer rates take a toll on net interest income, net interest margin, deposit pricing, and Wells’ forward estimates. USB seems more of a second half of 2024 story, the firm adds.
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