US Bancorp (USB.N): 2Q26 Review - Strong Quarter with Better Earnings Visibility; Raise PT to $72

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US Bancorp (USB.N): 2Q26 Review - Strong Quarter with Better Earnings Visibility; Raise PT to $72

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20 Jul 2026 09:06:40 ET │ 15 pages

US Bancorp (USB.N)

2Q26 Review - Strong Quarter with Better Earnings Visibility; Raise PT to

$72

CITI'S TAKE Buy

Short-Term View: Upside, expires 30-JUL-26

USB outperformed the bank index on earnings day (up ~1.6% vs BKX flat),

Price (17 Jul 26 16:00) US$63.14 though recently lagged peers as strong 2Q results (but largely in-line

Target price US$72.00↑ implied core PPNR guidance) seemed to fall short of a lofty bar. Even still,

we believe fundamental story continues to strengthen and bull case from US$70.00

remains, with our '26 estimates moving ~2% higher, driven primarily by a Expected share price return 14.0%

higher cap markets outlook. We anchor to mgmt's commentary and now Expected dividend yield 3.4%

assume ~$200 mil quarterly contribution from BTIG (vs prior assumption Expected total return 17.5%

at high end of $175-$200 mil range), and believe bias skews to upside Market Cap US$98,372M

given BTIG contributed $98 mil in June alone, though recognizing that it

was a record month. We raise our PT to $72 on lower assumed cost-of-

equity reflective of greater confidence in earnings outlook.

Benjamin GerlingerAC

Estimate Changes — Our 2026E EPS increases 10c to $5.25 (vs. FactSet consensus +1-212-816-3538

of $5.17), 2027E EPS unchanged at $5.90 (vs. FactSet consensus of $5.73), and benjamin.gerlinger@citi.com

2028E EPS unchanged at $6.65. See Figure 1 for more detail on estimate revisions. Mikhail Mrotchek

+1-212-816-2345

misha.mrotchek@citi.com

Kaili Wang, CFA

+1-716-730-7408

kaili.wang@citi.com

EPS (US$) Q1 Q2 Q3 Q4 FY FC Cons VA Cons

2025A 1.03A 1.11A 1.22A 1.26A 4.62A 4.62A 4.65A