Citigroup has upgraded US Bancorp (NYSE: USB) to “Buy” from “Neutral”.
Citi also raised its 12-month price target on the stock to $65.00 from $49.00 previously.
According to Citigroup, US Bancorp has “turned the corner” on investment spend and is expected to return to positive operating leverage as expense growth moderates.
Also, US Bancorp’s net interest margin “will cure itself over time”, as deposit costs are reduced.
Stock Performance
The shares of US Bancorp (USB) closed 2.17% ($1.14) higher at $53.63 in New York on Monday, as they extended the gains from the previous three market sessions.
The company’s total market cap now stands at $83.664 billion.
The shares of US Bancorp (USB) went down 0.76% in 2023, compared with a 24.23% gain for the benchmark index, S&P 500 (SPX).
The company’s shares have risen 23.91% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, at least 9 out of 16 surveyed investment analysts had rated US Bancorp’s stock as “Hold”, while 7 – as “Buy”. The median price target on the stock stands at $46.13, which translates into a 13.98% downside compared to the closing price on Monday.
The high point of the analyst forecast range stands at $53.00.
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