Piper Sandler Reiterates Overweight Rating on Fifth Third Bancorp (FITB)

Piper Sandler analyst R. Scott Siefers reiterated an Overweight rating and $45.00 price target on Fifth Third Bancorp (NASDAQ: FITB).

The analyst commented, "This evening, FITB filed an 8-K that included the presentation it plans to use tomorrow at an industry conference. In it, management provided an update on 3Q24E trends. Overall, mostly positive on revenues thanks to a better fee guide. NII expectations are unchanged despite a weaker loan growth outlook. Expense forecast is similarly unchanged. Only real negative is that NCOs could be a few bps higher than we had hoped. Thankfully, it does not appear that the higher NCOs will have a discernable impact on credit costs. Net/net, some mixed trends, but better PPNR would help our 3Q24E/FY24E EPS, and possibly just some fine-tuning to our 2025E. We suspect management’s commentary tomorrow will be the bigger stock price driver given that the presentation will be over before the market opens."

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 $40.97 yesterday.

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