UPDATE: Deutsche Bank Downgrades US Bancorp to Hold, Lowers PT Following Disappointing 3Q Results

In a report published Thursday, Deutsche Bank analyst Matt O'Connor downgraded the rating on

from Buy to Hold, and lowered the price target from $41.00 to $38.00. In the report, Deutsche Bank noted, “3Q was disappointing in our view as we est. there was $100m+ of MSR gains that weren't disclosed. Underlying trends were weaker than expected and the outlook seems a bit more sluggish than we had previously assumed. We are reducing our 2014/2015 by 3/5% (both now below consensus).” US Bancorp closed on Wednesday at $37.98.