U.S. Bancorp

USB: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Maintain Our $65 Fair Value Estimate for U.S. Bancorp as We Update Interest Rate Projections

Maoyuan Chen

Sep 22, 2026

Business Strategy and Outlook

U.S. Bancorp is the largest nonglobal systemically important bank in the US and has been one of the most profitable regional banks we cover. Though some of its peer regional banks have been catching up in terms of scale and profitability, we still like the bank's larger revenue mix from capital-light fee income.

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U.S. Bancorp

Maintain Our $65 Fair Value Estimate for U.S. Bancorp as We Update Interest Rate Projections

Business Strategy and Outlook

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