New York, July 20 (FinanceEnquiry.com) – Analysts at Oppenheimer downgrade their rating on the shares of US Bancorp (NYSE: USB) from OUTPERFORM to PERFORM. The 12-month target price is set to $32.
In a research note published on July 19, the analysts mention that stock of US Bancorp has hit the target price and it even laid ahead of 2Q12 earnings estimate and moreover this, estimates of the company has been marginally raised.
However, more compelling valuations are supposed to be existing elsewhere, still, over time, generation of the value and rewarding long-term holders are believed to be done by US Bancorp and furthermore, in our coverage, USB is seen as one of the best secular growth stories.
In addition to this, applying the previous valuation methodology of anticipating a 0.8X comparative multiple to the new $3.10 EPS estimate for the year 2013 yielding a fair value of $33 to $34, target prices are still not reiterated on the stocks that are Perform-rated, the analysts add further.
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