New York, July 19 (FinanceEnquiry.com) – Analyst Erik Oja at S&P CAPITAL IQ maintains BUY ratings on the shares of US Bancorp (NYSE: USB). The 12-month target price has been raised from $35 to $37.
In a research note published yesterday, the analyst mentions that after announcing the Q2 results, the 2012 EPS estimates has been raised from $2.73 to $2.76 and the target price has been raised on the basis of premium to peers 12.5x of 2013 EPS estimate of $2.97.
The Q2 EPS of $0.71 against $0.60 exceeded the bank’s estimate of $0.68 on an all around solid performance which includes better than peers loan growth of 2.6 percent from Q1 and further credit quality improvements, a stable net interest margin, a rebound in credit and debit card revenues and a decrease in the expense ratio. Such solid trends have been expected to continue for the foreseeable future, the analyst says.
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