Fifth Third price target lowered to $30 from $40 at Citi

Citi lowered the firm’s price target on Fifth Third Bancorp to $30 from $40 and keeps a Neutral rating on the shares post the Q1 results. Similar to other regional banks, Citi revised its deposit curve which implies more pressure on net interest income in a higher rate scenario. The analyst is also taking a more conservative view on what deposit costs look like as the Federal Reserve lowers rates rather than benchmarking to the past year.