Regional banker Fifth Third Bancorp (FITB
) on Monday received a big upgrade from analysts at Evercore Partners.
The firm lifted its rating on FITB from “Equal Weight” to “Overweight” while boosting its price target to $23. That new target suggests a 15% upside to the stock’s Friday closing price of $20.09.
Evercore analyst Andrew Marquardt commented, “We are upgrading shares of FITB to OW (from EW) based on above avg top line growth/profitability, expense flexibility, continued AQ leverage, and strong capital/deployment.” Accordingly, the firm also lifted its earnings estimates for the company through 2015.
Fifth Third Bancorp shares were inactive in pre-market trading Monday. The stock has gained 32% since the beginning of 2013.
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