U.S. Bancorp
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Financials : Banks | Large Cap Value
Company profile

U.S. Bancorp is a financial services holding company. The Company provides a range of financial services, including lending and depository services, cash management, capital markets, and trust and investment management services. It also engages in credit card services, merchant and automated teller machine (ATM) processing, mortgage banking, insurance, brokerage and leasing. Its banking subsidiary, U.S. Bank National Association, is engaged in the general banking business and offers commercial and consumer lending, lending services, depository services and ancillary services. Its non-banking subsidiaries offer investment and insurance products to the Company's customers principally within its domestic markets, and fund administration services to a range of mutual and other funds. The Company's bank and trust subsidiaries provide a range of asset management and fiduciary services for individuals, estates, foundations, business corporations and charitable organizations.

Premarket

Last Trade
Delayed
$48.55
0.15 (0.31%)
Bid
--
Ask
--
B/A Size
--

Market Hours

Closing Price
$48.40
Day's Change
0.00 (0.00%)
Bid
--
Ask
--
B/A Size
--
Day's High
--
Day's Low
--
Volume
(Light)
Volume:
411

10-day average volume:
6,525,657
411

UPDATE: Pinterest stock climbs to a record as Snap's blowout earnings, BofA upgrade provide a big boost

12:58 pm ET October 21, 2020 (MarketWatch)
Print

Tomi Kilgore

BofA Securities analyst turns bullish, raises stock price target to a Street high

Shares of Pinterest Inc. soared toward a record Wednesday, as Snap Inc.'s blowout results enticed BofA Securities analyst Justin Post to turn bullish.

The photo-sharing website's stock (PINS) shot up as much as 15% earlier to an all-time intraday high of $52.05, before paring gains to be up 8.5% in active midday trading. The stock is well above Monday's record close of $45.82.

Trading volume swelled to 34.3 million shares, compared with the full-day average of about 14.7 million shares.

The rally comes as Snap's stock (SNAP) rocketed 33.4%, also to a record high, after the social-media company reported a surprise third-quarter adjusted profit (https://www.marketwatch.com/story/snap-stock-rockets-18-after-surprise-profit-and-huge-revenue-beat-11603225638) and revenue and user growth that crushed expectations.

Don't miss: Snap soars 30% higher to record $50 billion valuation, brings Twitter and Facebook along for the ride (https://www.marketwatch.com/story/snap-roars-30-higher-to-record-50-billion-valuation-brings-twitter-and-facebook-along-for-the-ride-11603297510).

BofA's Post upgraded the stock to buy from neutral, while raising his stock price target to $58 from $45. His new target, which is about 18% above current levels, is higher than the targets of all of the 29 analysts surveyed by FactSet.

"Snap announced 3Q results with revenues significantly above the Street, another sign of a strong online advertising rebound, and suggesting traction for self-serve ad platforms with e-commerce exposure," Post wrote in a note to clients.

He said he has been bullish on the online ad sector, but he had been hesitant to recommend investors buy Pinterest, given the stock's valuation and uneven growth.

"However, with ad checks highlighting confidence in Pinterest's strong user intent and ad platform innovation, (such as automated bidding), we are upgraded to buy," Post wrote.

The stock soared 163.8% year to date, while Snap shares have run up 132.5% and the S&P 500 index has gained 6.3%.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

October 21, 2020 12:58 ET (16:58 GMT)

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