J.P. Morgan Maintains Overweight on U.S. Bancorp

J.P. Morgan is out with its report today on U.S. Bancorp USB, maintaining Overweight. In a note to clients, J.P. Morgan writes, "We continue to rate U.S. Bancorp shares Overweight relative to the large cap peer group of bank stocks due to our expectations for lower impact from the financial reform bill, favorable business mix and above-average earnings and tangible book value growth. We expect USB to benefit as investors remain skittish and seek higher quality names with lesser risk due to concerns about issues such as mortgage repurchases, some uncertainty about the economic recovery, and political uncertainty." J.P. Morgan maintains a $34 PT on USB. Shares of USB closed Friday at $24.55, down 0.73% from Thursday's close.