Compass Point Downgrades Fifth Third Bancorp (FITB) to Neutral
Compass Point downgraded Fifth Third Bancorp (NASDAQ: FITB) from Buy to Neutral with a price target of $16.00 (from $17.00).
"Although we thought the earnings result and forward guidance were in-line to better than expected, we expect FITB will have a difficult time growing their top-line with the expectation for interest rates to remain low and mortgage originations expected to slow through next year," said analyst Kevin Barker.
Barker also thinks that buyback plans going forward are baked into the stock and street estimates for net interest margin are likely to continue to drop.
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 $15.12 yesterday, with a 52 week range of $10.63-$16.16.
"Although we thought the earnings result and forward guidance were in-line to better than expected, we expect FITB will have a difficult time growing their top-line with the expectation for interest rates to remain low and mortgage originations expected to slow through next year," said analyst Kevin Barker.
Barker also thinks that buyback plans going forward are baked into the stock and street estimates for net interest margin are likely to continue to drop.
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 $15.12 yesterday, with a 52 week range of $10.63-$16.16.