US Bancorp falls after JPM downgrades to 'underweight' amid macro uncertainty
U.S. Bancorp's USB.N shares fall 4.7% to $40.99 in premarket trading
J.P. Morgan downgrades USB to "underweight" from "neutral"; cuts PT to $43.5 from $51, implying a 1.1% upside to last close
Brokerage says USB will likely face greater impact from the uncertain economic environment compared to its peers
President Donald Trump's aggressive stance on tariffs has increased concerns about the impact on economy
Investment banking has slowed recently following tariff-driven uncertainty while consumer spending also took a hit in Q1
Greater share of USB's growth coming from its push to grow investment banking while it also has a sizable payments business that would be impact by slower spending - JPM
13 of 23 brokerages rate the stock "buy" or higher and 10 "hold"; median PT $54 - data compiled by LSEG
As of last close, USB shares down 10% YTD
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