Oppenheimer Defends Fifth Third Bancorp (FITB) On Recent Weakness
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Price: $53.42 --0%
Rating Summary:
21 Buy, 17 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
21 Buy, 17 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Oppenheimer is out defending Fifth Third Bancorp (NASDAQ: FITB) following
weakness in stock price since CCAR.
"The company's profitability should continue to meaningfully exceed peers' as highlighted in the Fed’s report and our model (expected ROA 103bps in ’12)," the analyst said. "A strengthening Midwest economy should continue to provide lending opportunities for Fifth Third which will provide some offsets as the company manages through this extended low rate environment."
Shares are cheap to 11.1x their '12 estimate and 1.3x tangible book value compared with 12.5x and 1.5x, respectively for peers.
The firm reiterated their Outperform rating and price target of $16.00.
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 $14.48 yesterday.
weakness in stock price since CCAR.
"The company's profitability should continue to meaningfully exceed peers' as highlighted in the Fed’s report and our model (expected ROA 103bps in ’12)," the analyst said. "A strengthening Midwest economy should continue to provide lending opportunities for Fifth Third which will provide some offsets as the company manages through this extended low rate environment."
Shares are cheap to 11.1x their '12 estimate and 1.3x tangible book value compared with 12.5x and 1.5x, respectively for peers.
The firm reiterated their Outperform rating and price target of $16.00.
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 $14.48 yesterday.
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