Nomura Securities Reiterates a 'Buy' on Fifth Third Bancorp (FITB); Raising Estimates & Price Target

Nomura Securities reiterates a 'Buy' on Fifth Third Bancorp (NASDAQ: FITB) price target raised from $14.50 to $16.50.

Analyst, Brian Foran, said, "2012E / 2013E EPS from $1.40 / $1.45 to $1.50 / $1.55 vs. Street at $1.42 / $1.51, respectively. Recent management meetings give us confidence that mortgage is coming in better than expected, Florida real estate may have bottomed, and the company is well positioned on capital returns. FITB can use realized IPO Vantiv gains (1% mkt cap) to buy back stock, and remaining stake (5% mkt cap) can be sold post a 180 day lockup (likely 4Q12 event)."

NOTE - This morning, FITB was added to the Nomura Conviction Buy List and removed PNC Financial (NYSE: PNC).

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 $14.10 yesterday.

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