U.S. Bancorp (USB) has inked a strategic partnership with Microsoft (MSFT) to accelerate its digital transformation on the cloud. The bank will modernize its technology foundation by leveraging Microsoft Azure as its cloud provider. USB shares rose 1.23% to close at $57.80 on February 22.
U.S. Bancorp is a financial services company that offers lending and depository services, cash management, and foreign exchange. U.S. Bancorp’s upcoming earnings reportĀ for Q1 2022 is scheduled for April 14, 2022.
Microsoft Azure will power a majority of U.S. Bancorp’s infrastructure and applications, thus allowing the financial services provider to enhance its operations in the digital world. Microsoft’s cloud offerings should also enhance the bank’s ability to access and analyze data and scale innovative products for customers.
U.S. Bancorp’s transition to the cloud should enhance data security and customer privacy. The customer experience will also receive a boost with the development of tools that enable the quick and easy transfer of money.
Significant technology investment, artificial intelligence, and machine learning are also expected to transform the bank’s applications and infrastructure, enabling personalized experiences. In addition, Microsoft is to help U.S. Bancorp uncover new growth opportunities by taking advantage of an ever-evolving financial services marketplace.
Stock Rating
Jefferies analyst Ken Usdin recently downgraded U.S. Bancorp to a Hold from a Buy and cut the price target to $64 from $66, implying 10.73% upside potential to current levels.
Consensus among analysts is a Moderate Buy based on 9 Buys and 9 Holds. The average U.S. Bancorp price target of $65.13 implies a 12.68% upside potential to current levels.
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