Market Overview

UPDATE: Bank of America Raises PO to $16 on Fifth Third Bancorp Following Stress Test Pass

Share:
Related FITB
Compass Point Lowers Price Target On Fifth Third Bancorp As Bumpy Ride Continues
UPDATE: Fifth Third Bancorp Q4 Earnings Beat Views

Bank of America reiterated its Buy rating on Fifth Third Bancorp (NASDAQ: 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.

Latest Ratings for FITB

DateFirmActionFromTo
Jan 2015CitigroupMaintainsBuy
Jan 2015FBR CapitalDowngradesOutperformMarket Perform
Jan 2015JefferiesMaintainsBuy

View More Analyst Ratings for FITB
View the Latest Analyst Ratings

Posted-In: Bank of AmericaAnalyst Color Price Target Pre-Market Outlook Analyst Ratings

 

Related Articles (FITB)

Around the Web, We're Loving...

Get Benzinga's Newsletters