Fifth Third price target lowered to $40 from $43 at Piper Sandler

Piper Sandler analyst R. Scott Siefers lowered the firm’s price target on Fifth Third to $40 from $43 and keeps an Overweight rating on the shares. It has been a "wild week for bank stocks" as many of the largest institutions provided mid-quarter updates reinforcing the high degree of uncertainty in the environment, the analyst tells investors in a research note. The analyst says deposit issues remain "front-and-center," keeping net interest income durability questions up front.