U.S. Bancorp price target raised to $49 from $46 at Goldman Sachs

Goldman Sachs raised the firm’s price target on U.S. Bancorp to $49 from $46 and keeps a Neutral rating on the shares after its Q3 earnings beat. The company’s core pre-provision net revenue of $2.8B came in modestly higher than consensus, driven by 2% higher net interest income and in-line core expenses but partially offset by 2% lower fee income, the analyst tells investors in a research note. The management’s modestly increased FY24 net interest income guidance – now at the higher end of the prior guidance of $16.1B-16.4B – is also seen as “constructive” given that the market is now pricing in two further interest rate cuts through the year-end and loan growth has been muted, the firm added.