* Amid settlement-related ratings repercussions, U.S. Bancorp scored an upgrade from Vining Sparks.
Details of the Minneapolis-based company's alleged Bank Secrecy Act/anti-money laundering compliance deficiencies have so far prompted a downgrade from Fitch and a review for downgrade from Moody's.
Analyst Marty Mosby, on the other hand, raised the stock to "market outperform" from "market perform," in light of its underperformance compared with other superregional banks. The price target is $61. It closed at $54.27 on Feb. 22.
Mosby issued the upgrade as part of a report on large-cap banks' returns on tangible common equity in a rising-rate environment. Banks have so far been able to lag their deposit rates, the analyst said, but those betas are expected to "accelerate meaningfully" over the next 200 basis points of short-term rate hikes.
* In the same report, Mosby downgraded PNC Financial Services Group Inc. and Wells Fargo & Co. following stock price rebounds.
Pittsburgh-based PNC was lowered to "market perform" from "market outperform." The price target was raised by $5 to $170. It closed at $157.60 on Feb. 22.
San Francisco-based Wells Fargo was lowered to "market outperform" from "strong buy." The price target is $68.50. It closed at $58.81 on Feb. 22.