MINNEAPOLIS, Jun 27, 2003 (BUSINESS WIRE) -- U.S. Bancorp (NYSE:USB) has been
named to the Lehman Brothers Inc. "10 Uncommon Values" portfolio. The 10
Uncommon Values list features ten stocks which Lehman Brothers Inc. believes
will outperform the U.S. stock market in the next 12 months.
In the Lehman Brothers' 2003-2004 portfolio announcement the following remarks
were made regarding U.S. Bancorp, "...despite posting top-quartile profitability
and efficiency metrics, (U.S. Bancorp) is trading at a discount to its peers. As
revenue growth shifts from acquisition-driven over the past several years to
organic-driven, and as operating leverage continues to improve, we expect the
stock to regain its premium valuation."
Others being named to the Uncommon Values list include: Amgen; Burlington
Resources; Cisco Systems; Exelon Corp.; Harrah's Entertainment; Hewlett-Packard;
JetBlue Airways; Nextel Communications; and Teva Pharmaceuticals.
According to the Lehman Brothers' announcement, each of the firm's 82 senior
analysts recommends his or her best idea for a stock that will outperform the
market. Lehman Brothers' Investment Policy Committee then screens these
recommendations by using a combination of fundamental, sector and technical
evaluations to select the best 10 common stocks.
With assets in excess of $180 billion, U.S. Bancorp is the 8th largest financial
services holding company in the United States. The company operates 2,142
banking offices and 4,604 ATMs, and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment services products
to consumers, businesses and institutions. Parent company of U.S. Bank, U.S.
Bancorp is home of the Five Star Service Guarantee which assures customers of
certain key banking benefits and services or customers will be paid for their
inconvenience. Visit U.S. Bancorp on the web at usbank.com.
This news release contains forward-looking statements made by Lehman Brothers,
Inc. To the extent such forward-looking statements could be somehow attributed
to U.S. Bancorp, U.S. Bancorp believes that such forward-looking statements
involve inherent risks and uncertainties, and important factors could cause
actual results to differ materially from those anticipated, including the
following, in addition to those contained in the Company's reports on file with
the SEC: (i) general economic or industry conditions could be less favorable
than expected, resulting in a deterioration in credit quality, a change in the
allowance for credit losses, or a reduced demand for credit or fee-based
products and services; (ii) changes in the domestic interest rate environment
could reduce net interest income and could increase credit losses; (iii) the
conditions of the securities markets could change, adversely affecting revenues
from capital markets businesses, the value or credit quality of the Company's
assets, or the availability and terms of funding necessary to meet the Company's
liquidity needs; (iv) changes in the extensive laws, regulations and policies
governing financial services companies could alter the Company's business
environment or affect operations; (v) the potential need to adapt to industry
changes in information technology systems, on which the Company is highly
dependent, could present operational issues or require significant capital
spending; (vi) competitive pressures could intensify and affect the Company's
profitability, including as a result of continued industry consolidation, the
increased availability of financial services from non-banks, technological
developments, or bank regulatory reform; (vii) acquisitions may not produce
revenue enhancements or cost savings at levels or within time frames originally
anticipated, or may result in unforeseen integration difficulties; and (viiii)
capital investments in the Company's businesses may not produce expected growth
in earnings anticipated at the time of the expenditure.
SOURCE: U.S. Bancorp
CONTACT: U.S. Bancorp
Steve Dale (Media), 612/303-0784
Teri Charest (Media), 612/303-0732
H. D. McCullough (Analysts), 612/303-0786
Judy Murphy (Analysts), 612/303-0783
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SOURCE: U.S. Bancorp