Morgan Stanley raised the firm’s price target on Fifth Third to $47 from $40 and keeps an Equal Weight rating on the shares. Even with recent weaker macro datapoints, the firm thinks it’s “time to lean into Midcap Banks” as rate cuts are a tailwind for revenues and help alleviate credit stress. Q2 earnings gave the firm increasing conviction about an inflection for net interest income and given both “cheap” valuations and the contention that revenues are the number one driver of midcap bank stock alpha, the firm is upgrading its Midcap Banks group view to Attractive.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on FITB:
- Fifth Third price target raised to $46 from $42 at Argus
- Fifth Third price target raised to $45 from $42 at BofA
- Fifth Third price target raised to $40 from $36 at Morgan Stanley
- Stock Market News Today, 7/19/24 – Indices Fall as Investors Rotate out of Megacaps
- Options Volatility and Implied Earnings Moves Today, July 19, 2024