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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