Bank of America reiterated its Buy rating on Fifth Third Bancorp FITB and raised its price objective from $15 to $16 a share.
Bank of America noted, "FITB announced that the Fed did not object to its plan to repurchase $600mn in common stock between now and the end of 1Q13. As a result, we raise our estimates as follows: 1) 2012E to $1.55 from 1.54, 2) 2013E to $1.46 from $1.42; and 3) 2014E to $1.46 from $1.42. As a result, we are increasing our PO to $16 from $15, partly due to upwardly revised estimates. Additionally, given that the approval removes some of the capital return overhang on the stock, FITB's implied value on a DCF basis also improves."
Fifth Third Bancorp closed at $14.39 on Tuesday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in