U.S. Bancorp Research Report

Friedman, Billings, Ramsey & Co., Gary B. Townsend, CPA, Bob Ramsey, Ram Gowrisankaran, 6 January 2006We reiterated coverage of U.S. Bancorp with an Outperform investment rating and a 12-month price target of $35.00 per share.U.S. Bancorp is a financial and bank holding company with $207 billion in assets (in the third-quarter of 2005) based in Minneapolis, Minn.The company estimates mid-teen