J.P. Morgan Maintains Neutral Rating and $16 PT on Fifth Third Bancorp

A report from J.P. Morgan reiterates its Neutral rating and $16 price target on Fifth Third Bancorp (NASDAQ: FITB).

The report states, “Credit costs (provisions) should remain a driver as they continue to decline due to FITB's high level of reserves. Capital levels continue to grow and position FITB well for potential acquisitions as loan growth remains moderate. FITB reported $0.40 3Q EPS, above our and consensus estimate of $0.33”.

FITB closed yesterday at $11.63.