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U.S. Bancorp upgraded to Outperform from Market Perform at Keefe Bruyette
The Fly

U.S. Bancorp upgraded to Outperform from Market Perform at Keefe Bruyette

Keefe Bruyette analyst David Konrad upgraded U.S. Bancorp to Outperform from Market Perform with a price target of $58, up from $52. The shares are trading at a "deep discount to historical valuations" with the market underestimating the earnings power of Union Bank given higher rates since the deal was announced, Konrad tells investors in a research note. The analyst says U.S. Bancorp has historically widened its valuation to the group in recessionary periods. U.S. Bancorp is trading at 3% discount on 2024 estimates, compared to its historical 10% premium, and this gap should "collapse with improved visibility of earnings power and capital generation," contends Konrad.

Published first on TheFly

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