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