Argus analyst Stephen Biggar lowered the firm’s price target on U.S. Bancorp to $58 from $63 but keeps a Buy rating on the shares after its Q1 earnings beat. Regional bank shares have faced pressure since the failure of Silicon Valley Bank, which called into question the stability of bank deposits, but U.S. Bancorp and some of its peers have adequately allayed deposit fears with their Q1 results, the analyst tells investors in a research note. The stock now trades at 1.2-times tangible book value, a discount to historical levels and regional bank peers, but based on the bank’s above-peer-average ROE, ROA, and efficiency metrics, shares should trade at a premium valuation, Argus added.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on USB:
- U.S. Bancorp price target lowered to $43 from $46 at Morgan Stanley
- U.S. Bancorp price target lowered to $39 from $54 at Citi
- U.S. Bancorp price target lowered to $37 from $41 at Goldman Sachs
- U.S. Bancorp should see continued organic capital growth, says Stephens
- U.S. Bancorp sees FY23 revenue $28.5B – $30.5B , consensus $29.22B