New York, October 11 (FinanceEnquiry.com) – Analysts at Bank of America downgrade their rating on the shares of Fifth Third Bancorp (NASDAQ: FITB) from BUY to NEUTRAL. The 12-month price objective is set to $16.50.
In a research note published on October 10, the analysts mention that a small number of near term catalysts are observed and it is also supposed that the approximately $1 billion in after-tax gains that Fifth Third Bancorp can potentially realize from the sale of its remaining stake in Vantiv is reflected by valuations and afterward this is positioned toward buying shares back.
In addition to this, due to the elevated spotlight to mortgage banking, improved potential is seen for upward EPS revision at WFC at the same time as earnings should gain from a longer mortgage banking tailwind (approximately 12 percent of revenues).
Furthermore, in the intervening time, both stronger latent for upward EPS revision (on better margins of next year) and multiple expansion at PNC (9.6x ‘13E, 1.2x TBV) are noticed. Moreover, on October 9, Fifth Third Bancorp closed at $15.86, the analysts add further.
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