Wells Fargo Upgrades Fifth Third Bancorp (FITB) to Outperform; Growth and Value

Wells Fargo upgraded Fifth Third Bancorp (NASDAQ: FITB) from Market Perform to Outperform, price target range $15-$16.

Analyst, Matthew H. Burnell, said, "We are upgrading FITB due to what we now believe is an attractive combination of: 1) FITB’s focus on C&I lending and mortgage banking, which should help support returns in 2012; 2) relatively healthier economic trends in its core markets; 3) ability to increase its capital return in 2012 post CCAR resubmission; and 4) attractive relative valuation on both a P/TBV basis and forward P/E basis."

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 $13.23 yesterday.

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