U.S. Bancorp price target lowered to $63 from $70 at HSBC

HSBC analyst Saul Martinez lowered the firm’s price target on U.S. Bancorp (USB) to $63 from $70 and keeps a Buy rating on the shares. The firm says markets have “quickly repriced” higher downside macro risk and renewed credit concerns into the U.S. bank stocks. The multi-year return on equity expansion is now “less clearly priced in” for the universal banks, creating opportunities, the analyst tells investors in a research note. As a result, HSBC upgraded both Bank of America and Wells Fargo to Buy.