Jefferies Downgrades Fifth Third Bancorp (FITB) to Hold
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Jefferies downgraded Fifth Third Bancorp (NASDAQ: FITB) from Buy to Hold with a price target of $22.00 (from $19.50), citing valuation following the recent catch-up move in the stock.
Analyst Ken Usdin commented, "We move to Hold after a good catch-up move that puts FITB shares at a reasonable valuation. Better EPS est. stability, unrealized Vantiv gains, and potential ROA/ROE help from Project North Star are positives. EPS growth out to '18 looks to be below peers, due to slow rev. growth and rising provisions, while North Star could take time to help results. We see 12x on $1.85 EPS for '18 as a reasonable P/E (PT rolls to $22), in line with the group."
Shares of Fifth Third Bancorp closed at $20.74 yesterday.
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