Wells Fargo's analyst Mike Mayo has revised the price target for Fifth Third Bancorp (FITB, Financial), lowering it from $50 to $48. Despite the adjustment, Mayo maintains an Overweight rating on the bank's shares.
This change follows Fifth Third's performance in the first quarter, where earnings surpassed market expectations. However, projections for fee-related revenues and pre-provision net revenue were slightly reduced. Nonetheless, the bank anticipates achieving record net interest income by 2025.
Wells Fargo's revised estimates now accommodate expectations of slower fee growth alongside modestly lowered forecasts for net interest income. This adjustment reflects a more tempered view of the bank's near-term financial performance, while still acknowledging its potential for substantial earnings in the years ahead.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 20 analysts, the average target price for Fifth Third Bancorp (FITB, Financial) is $46.32 with a high estimate of $56.00 and a low estimate of $39.00. The average target implies an upside of 35.65% from the current price of $34.15. More detailed estimate data can be found on the Fifth Third Bancorp (FITB) Forecast page.
Based on the consensus recommendation from 23 brokerage firms, Fifth Third Bancorp's (FITB, Financial) average brokerage recommendation is currently 2.1, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Fifth Third Bancorp (FITB, Financial) in one year is $41.90, suggesting a upside of 22.69% from the current price of $34.15. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Fifth Third Bancorp (FITB) Summary page.
