DA Davidson analyst Peter Winter raised the firm’s price target on Fifth Third to $39 from $37 and keeps a Neutral rating on the shares after its Q1 results. The bank’s Q4 marked the bottom in net interest margin and should increase a few basis points each quarter, while Q1 should be the bottom in net interest income, the analyst tells investors in a research note. The firm further notes that Fifth Third has built a fortress balance sheet with strong credit, liquidity and capital.
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- Fifth Third reports Q1 net interest margin 2.86% vs 3.29% last year
- Fifth Third sees FY24 revenue down 1% to 2% compared to FY23, consensus $8.61B
- Fifth Third sees Q2 revenue up approximately 1% vs Q1, consensus $2.13B
