UPDATE: Compass Point Upgrades Fifth Third Bancorp to Buy Ahead of CCAR Results

Compass Point raised its rating on Fifth Third Bancorp FITB from Neutral to Buy and increased its price target from $15 to $17. Compass Point noted, "We believe FITB presents a very attractive risk-reward prior to the Fed's announcement on whether FITB will be permitted to increase their dividend and share repurchase plans. The stock has underperformed peers by roughly 10% YTD and is currently priced at a 15% discount to comps on FY13 consensus earnings. If the Fed approves FITB's proposed capital plan for additional repurchases and a higher dividend, we believe the company could have a combined payout ratio above 60% (dividends plus buybacks), which should be a near term catalyst for shares while most banks are trading off macro-level events." Fifth Third Bancorp closed at $13.64 on Friday.