DA Davidson analyst Peter Winter lowered the firm’s price target on U.S. Bancorp to $36 from $40 and keeps a Neutral rating on the shares. The Fed has determined that the bank no longer needs to meet Category II requirements by the end of 2024, but U.S. Bancorp is still subject to Category II when average assets go above $700B for four quarters in a row, the analyst tells investors in a research note. The firm adds that the bank is expecting additional net interest income pressure in Q4, though they believe that quarter should mark a trough for net interest income and net interest margin.
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