Fifth Third Bancorp (FITB) PT Raised to $43 at RBC Capital
RBC Capital analyst Gerard Cassidy raised the price target on Fifth Third Bancorp (NASDAQ: FITB) to $43.00 (from $38.00) while maintaining a Outperform rating.
The analyst comments "FITB delivered solid, plain vanilla performance in 2Q24 in an uncertain environment. It remains well-capitalized with a CET1 ratio of 10.6% and resumed buyback activity in the quarter, repurchasing $125 million of its common shares. Deposit mix will be important over the next 12-18 months, and we expect FITB to shine during this period. On credit, unlike in 2008-09, we expect FITB to be a top performer going forward. Lastly, shareholder wealth creation will be aided by the accretion to TBV from AOCI (Accumulated Other Comprehensive Income) over the next 2-3 years."