Fifth Third price target raised to $31 from $29 at UBS

UBS analyst Erika Najarian raised the firm’s price target on Fifth Third to $31 from $29 and keeps a Buy rating on the shares following Q1 results. Management cut its full year 2023 net interest income outlook to +7%-10% year-over-year, largely within expectations and including a scenario similar to the terminal betas following the 2004-2006 rate hikes. With the buy-side at the upper end of this range, UBS thinks this gives Fifth Third’s forecast more credibility, the firm says in a research note on Friday.