ARGUS Downgrades Fifth Third (FITB) to Hold
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ARGUS downgrades Fifth Third (Nasdaq: FITB) from Buy to Hold.
ARGUS analyst says, "The bank's credit quality has continued to deteriorate sharply in the second quarter, most notably in Michigan and Florida, as a result of real estate-related loans. That is not surprising, of course, but now management's recent guidance cuts have created a credibility problem. Fifth Third now looks for 2009 charge-offs to exceed those in 2008, and expects to build up loss reserves through next year as well; just two months ago, management believed the 1Q08 charge-off ratio represented the high point for this cycle. We are thus slashing our EPS estimates once again for 2008 and 2009...Fifth Third's capital raising, and possible asset sales, should buy the company time to regroup. We note that other Midwestern banks such as National City (rated SELL by Argus) and KeyCorp (not under our coverage) have also been burned by expansion outside of their home territories, and we believe that consolidation among banks in the region is long overdue."
Other stocks of note National City (NYSE: NCC) and KeyCorp (NYSE: KEY)
Fifth Third Bancorp (the Bancorp) is a diversified financial services company.[SM]
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