Stephens raised the firm’s price target on U.S. Bancorp to $52 from $49 and keeps an Equal Weight rating on the shares. Financial results in Q3 and the strategic message around future bank M&A were “more encouraging than our takeaway from last month’s Investor Day,” the analyst tells investors in a post-earnings note. The firm believes a positive EPS surprise, updated 2024 outlook, comments on bank M&A, and “a sprinkling of short-covering” contributed to USB‘s outperformance yesterday, the analyst noted.
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