U.S. Bancorp price target lowered to $58 from $62 at JPMorgan

JPMorgan lowered the firm’s price target on U.S. Bancorp (USB) to $58 from $62 and keeps an Underweight rating on the shares. The firm adjusted targets in the large cap bank group as part of a Q1 preview. The Q1 results “should be good” driven by strong markets revenues, but investment banking activity has slowed recently due to market volatility amid the war, the analyst tells investors in a research note. JPMorgan expects large bank stocks to “remain choppy” near term.