Nomura Securities maintains a 'Buy' on Fifth Third Bancorp (FITB); Addressing Investor Concerns
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Price: $53.42 --0%
Rating Summary:
21 Buy, 17 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
Rating Summary:
21 Buy, 17 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
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Nomura Securities maintains a 'Buy' on Fifth Third Bancorp (NASDAQ: FITB) price target of $14.00.
Nomura analyst, Brian Foran, said, "We recently upgraded Fifth Third to Buy with the view that it was trading at 0.9x tangible book, 8x earnings, and would benefit from mortgage gain on sale upside. A common concern for investors is FITB margin expansion guidance in 2H11. We think NIM guidance is manageable given a cost-of-funds cushion related to CD repricing and TruPS redemptions and believe that asset yield pressure maybe below average. We expect NIM could straddle the 3.60-3.65% range, only moderately lower than guidance of 3.70% by 4Q11. No change to our 2011E ESP at $1.20 and 2012E at $1.50."
For more ratings news on Fifth Third Bancorp click here and for the rating history of Fifth Third Bancorp click here.
Shares of Fifth Third Bancorp closed at $9.81 yesterday.
Nomura analyst, Brian Foran, said, "We recently upgraded Fifth Third to Buy with the view that it was trading at 0.9x tangible book, 8x earnings, and would benefit from mortgage gain on sale upside. A common concern for investors is FITB margin expansion guidance in 2H11. We think NIM guidance is manageable given a cost-of-funds cushion related to CD repricing and TruPS redemptions and believe that asset yield pressure maybe below average. We expect NIM could straddle the 3.60-3.65% range, only moderately lower than guidance of 3.70% by 4Q11. No change to our 2011E ESP at $1.20 and 2012E at $1.50."
For more ratings news on Fifth Third Bancorp click here and for the rating history of Fifth Third Bancorp click here.
Shares of Fifth Third Bancorp closed at $9.81 yesterday.
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