Jefferies Lowers PT On USB To $29

Jefferies has lowered its price target on U.S. Bancorp USB from $30 to $29 based upon soft fees, which lowered estimates. Says Jefferies, in the report, “USB beat on expenses and credit, but fees were a little softer-than-expected. Our 2011 estimate goes up a nickel to $2.20 as positive credit trends should persist, but 2012 and 2013 move down to $2.45 (from $2.50) and $2.80 (from $2.90), respectively, to reflect a lower fee run-rate. Our price target decreases to $29 from $30 given our lower estimates.” Jefferies maintains its Hold rating on USB. USB closed yesterday at $25.25.