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Macquarie Research downgrades US Bancorp to 'neutral' from 'outperform'


Steven Alexopoulos from J.P. Morgan upgraded New York Community Bancorp Inc.'s stock rating to "neutral" from "underweight" and raised the price target to $11.50 from $9.50.

Alexopoulos now sees return on tangible equity as likely bottoming in the second half, with a slow and steady rise expected through 2021.

He also wrote that with the "very healthy" dividend yield of 6% appearing unchanged, the analyst now sees expectation of total return to be in line with the company's peers.

The analyst's adjusted EPS estimates for the company are 77 cents for 2019 and 84 cents for 2020.


David Konrad from Macquarie Research downgraded Minneapolis-based U.S. Bancorp's stock rating to "neutral" from "outperform" with a price target of $59.

Konrad wrote that he remains "cautious" on the superregional banks, as he expects an additional rate cut but does not expect a meaningful cut in deposit costs. He also wrote that the company's better-than-expected earnings in the second quarter coupled with a flight to quality for a business mix facing less net interest margin pressure, among other things, left minimal upside to the analyst's price target for the company.

The analyst's EPS estimates for the company are $4.31 for 2019, $4.45 for 2020 and $4.75 for 2021.