UBS analyst Stephen Scinicariello in a report on Tuesday included Fifth Third among four mid-cap value bank stock plays, saying "better-than-feared fundamentals should continue to lead to revaluation of the sector."
Scinicariello's price target for Fifth Third is $19, and on Tuesday the analyst lowered his first-quarter EPS estimate to 40 cents from 42 cents, while lowering his full-year 2013 EPS estimate to $1.71 from $1.78, and his 2014 EPS estimate to $1.79 from $1.87, "due to mortgage banking trends."
On a more encouraging note, Fifth Third's complicated 2013 capital plan could result in common-share buybacks totaling up to $1.084 billion, Scinicariello wrote, adding that "the potential replacement of $750MM of trust preferreds could bolster the [net interest margin]."
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