UPDATE: J.P. Morgan Lowers PT on Fifth Third Bancorp to $16
J.P. Morgan is out with its report today on Fifth Third Bancorp (NASDAQ: FITB), lowering its PT to $16.
In its report, J.P. Morgan writes, "FITB is trading at 1.0 times tangible book value and 7.4 times our 2012 EPS – on both metrics, FITB is trading below the regional bank median, but in line with the mid-sized regional bank median on a P/TB basis. We are reducing our price target by 6% to $16.00. Our price target assumes a price to tangible book value multiple of 1.3 times. We expect Fifth Third to trade at a modest discount to the peer group multiple of 1.5 times owing to a relatively weaker footprint and recent track record."
J.P. Morgan maintains Neutral on FITB.
Shares of FITB closed Thursday at $10.12, down 3.16% from Wednesday's close.
