Oppenheimer Downgrades Fifth Third Bancorp (FITB) to Perform; A Step Forward, A Step Back

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Oppenheimer downgraded Fifth Third Bancorp (NASDAQ: FITB) from Outperform to Perform.

Analyst, Terry McEvoy, said, "News last month that the Federal Reserve did not object to Fifth Third’s new capital plans was the catalyst we were anticipating, with investors reacting positively to the news. With earnings growth expected to turn negative in 2013, management may become more aggressive in pursuing their next acquisition target and consensus loan growth estimates in 3Q12 could prove to be overly optimistic. With that planted in the back of our minds, combined with the outperformance in price, we are downgrading FITB to Perform."

For an analyst ratings summary and ratings history on Fifth Third Bancorp click here. For more ratings news on Fifth Third Bancorp click here.

Shares of Fifth Third Bancorp closed at $15.31 yesterday, with a 52 week range of $9.32-$15.41.

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