U.S. Bancorp price target raised to $66 from $65 at Oppenheimer

Oppenheimer raised the firm’s price target on U.S. Bancorp (USB) to $66 from $65 and keeps an Outperform rating on the shares. Despite sustaining industry leading ROTCE in recent years, the stock has lagged peers, with one more quarter of that in the Q2 results with the shares trading off 1.9% on a day when the S&P and BKX were fractionally higher, despite a notable EPS beat, the firm notes. Oppenheimer’s basic view, however, is that sustained high ROTCE wins in the long run and that U.S. Bancorp is significantly undervalued, and thus the firm remains bullish.