Fifth Third price target lowered to $35 from $40 at Wells Fargo

Wells Fargo analyst Mike Mayo lowered the firm’s price target on Fifth Third to $35 from $40 and keeps an Overweight rating on the shares. The firm notes the company guided Q2 net interest income down, leading Wells to lower estimates/price target – a contrast continues between “Goliaths” and others. Yet Fifth Third is still better than similarly sized peers, with less NII/deposit pressure.