Baird downgraded Fifth Third to Neutral from Outperform with an unchanged price target of $32. The recent strength in the shares has resulted in a more balanced risk/reward profile, the analyst tells investors in a research note. The firm believes the U.S. bank group is migrating closer to fair value. Execution at Fifth Third has been among the best in the regional bank group, but with the shares up 42% over the last year, Baird prefers to be opportunistic on weakness, the analyst tells investors in a research note.
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