U.S. Bancorp price target raised to $48 from $47 at RBC Capital

RBC Capital analyst Gerard Cassidy raised the firm’s price target on U.S. Bancorp to $48 from $47 and keeps an Outperform rating on the shares after its Q2 earnings beat. The bank has been delivering peer-leading profitability and the consumption of the Union Bank transaction bolsters its balance sheet with high-quality, low-cost deposits while setting the company up to deliver better earnings growth due to the $900M in pre-tax cost savings that have been achieved and the potential to generate revenue synergies, the analyst tells investors in a research note.