Truist raised the firm’s price target on U.S. Bancorp (USB) to $51 from $49 and keeps a Hold rating on the shares. Despite being a balanced franchise with solid risk management, a drawn-out merger approval, underperformance during the hiking cycle, and subpar pre-provision net revenue growth for a decade has had the company “behind the curve”, but the management is looking to turn the corner and correct course by delivering on its September 2024 investor day targets, the analyst tells investors in a research note.
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