U.S. Bancorp price target raised to $48.50 from $42 at JPMorgan

JPMorgan analyst Vivek Juneja raised the firm’s price target on U.S. Bancorp (USB) to $448.50 from $42 and keeps an Underweight rating on the shares as part of a Q2 preview for the large cap banks. The firm attributes the recent outperformance of the large bank stocks to hope for a continued good economy and regulatory benefits with some reduction in capital requirements. In the near term, JPMorgan expects large bank stocks to remain in a narrow range due to “moderate fundamentals” and above average valuations.