U.S. Bancorp Analysts Boost Their Forecasts Following Upbeat Q3 Earnings

Core Insights - U.S. Bancorp reported third-quarter adjusted earnings per share of $1.22, exceeding the analyst consensus estimate of $1.13, with quarterly sales of $7.30 billion surpassing expectations of $7.16 billion [1] - The bank's net income reached $2.001 billion, reflecting a 16.7% year-over-year increase [1] Financial Performance - The growth in net interest income and margin expansion, along with strong performance in fee businesses and effective expense management, contributed to double-digit net income growth both sequentially and year-over-year [2] - For the fourth quarter, U.S. Bancorp anticipates stable net interest income compared to the third quarter, with total fee revenue expected to be $3 billion and noninterest expenses projected to rise by 1% to 5% [3] Analyst Ratings and Price Targets - Following the earnings announcement, B of A Securities analyst Ebrahim Poonawala maintained a Buy rating on U.S. Bancorp and raised the price target from $54 to $55 [5] - Wells Fargo analyst Mike Mayo also maintained an Overweight rating, increasing the price target from $50 to $52 [5]