DA Davidson raised the firm’s price target on U.S. Bancorp to $54 from $49 and keeps a Neutral rating on the shares after its Q3 earnings beat. The quarter was highlighted by strong growth in net interest income, led by solid net interest margin expansion, as U.S. Bancorp was able to quickly react to the 50 bp rate cut, and the management’s Q4 net interest income forecast is seen as “relatively stable” sequentially, the analyst tells investors in a research note.
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