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JPMorgan has a favorite bank to play the comeback in consumer spending

U.S. Bancorp, parent company of U.S. Bank, in Salt Lake City, Utah.

George Frey/Bloomberg via Getty Images

Banks have surged as investors bet on cyclical stocks for the economic recovery, and one bank stock will see an outsized boost from a rebound in credit card spending, according to JPMorgan.

The firm upgraded US Bancorp to overweight from neutral on Thursday as part of its first quarter earnings preview, citing its outsized exposure to credit card fees.

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