Argus raised the firm’s price target on Fifth Third to $42 from $40 and keeps a Buy rating on the shares after its Q1 results. The company’s ex-item Q1 EPS of 76c exceeded estimates, and the management believes that both net interest income and the net interest margin have troughed in the current cycle, the analyst tells investors in a research note. Argus adds that it sees Fifth Third as a high-quality Midwest bank with strong fee-based income from its asset management business, a better-than-peer-average efficiency ratio, and strong credit quality.
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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
