U.S. Bancorp upgraded, M&T Bank cut at Citi amid shift to early CoE cycle

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Citi analyst Keith Horowitz finds it more difficult to identify attractive risk/reward in U.S. banks as he shifts his cost of equity assumptions to reflect early cycle investor sentiment. Still, he sees pockets of value in some of the more out-of-favor names. U.S. Bancorp's (USB) stock has