Hoefer & Arnett Starts U.S. Bancorp at Buy
07 Diciembre 2004 - 9:17AM
PR Newswire (US)
Hoefer & Arnett Starts U.S. Bancorp at Buy SAN FRANCISCO, Dec.
7 /PRNewswire/ -- Hoefer & Arnett financial services analyst
Chris Siedman initiated research coverage on U.S. Bancorp (USB)
today with a $33 price target and a Buy recommendation in
recognition of the company's league-leading performance metrics,
financial flexibility, and earnings momentum in consumer banking
and payments services. Although the earnings contribution from the
wholesale bank could exhibit a slight sequential decline in the
fourth quarter according to Hoefer & Arnett's research, the
broker estimates that USB could still post consolidated earnings of
$0.57 per share for the period, or one penny ahead of third-quarter
results. For next year, Hoefer & Arnett estimates USB could
earn $2.43, an increase of nearly 11%. Trading 415-658-0744 All
expressions of opinion reflect the judgment of the Research
Department of Hoefer & Arnett, Inc. at this date and are
subject to change. We have obtained information from sources
considered reliable, but we do not guarantee that the foregoing
report is accurate or complete. Other departments of Hoefer &
Arnett, Inc may have information, which is not available to the
Research Department about companies mentioned in this report.
Hoefer & Arnett, Inc., or its affiliates may execute
transactions in the securities mentioned in this report, which may
not be consistent with the report's conclusions. Hoefer &
Arnett, Inc. may perform investment banking or other services for,
or solicit investment-banking business from any company mentioned
in this report. Partners, officers, employees and accounts
controlled by Hoefer & Arnett, Inc. may own shares of any
company mentioned herein. Hoefer & Arnett Incorporated is a
member of the National Association of Securities Dealers, CRD
number 10883. DATASOURCE: Hoefer & Arnett, Inc. CONTACT: Chris
Siedman, Analyst, +1-203-938-2695, or , or Sharlena Bolden,
Research Coordinator, +1-415-362-7111, or , both of Hoefer &
Arnett, Inc. Web site: http://www.hoeferarnett.com/
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