Wolfe Research upgraded Fifth Third to Outperform from Peer Perform with a $43 price target. The firm says the bank is a “stable operator” that will “block and tackle its way” to generating the greatest alpha in the regional space over the next 12 months. Drivers of alpha for Fifth Third include tailwinds from industry-leading risk-adjusted yields, stronger loan growth, asset repricing, superior deposit funding, healthy reserves with limited office commercial real estate exposure, and industry-leading operating efficiency, the analyst tells investors in a research note.
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