Oppenheimer raised the firm’s price target on U.S. Bancorp (USB) to $73 from $71 and keeps an Outperform rating on the shares following quarterly results. The firm notes USB reported Q1 EPS of $1.18 versus its and consensus $1.14 estimate. The beat essentially all came because of a lower-than-expected tax rate. Pretax net income, as well as all the key line items above that, showed only fractional deviations from expectations. This was the sixth consecutive quarter of positive operating leverage, Oppenheimer adds.
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