Fifth Third (FITB) Stock Downgraded at Oppenheimer
NEW YORK (TheStreet) -- Fifth Third Bancorp's (FITB) - Get Report stock rating was slashed to "perform" from "outperform" at Oppenheimer on Wednesday.
The firm no longer believes the company's earnings can beat consensus estimates. Oppenheimer also noted its expectations for Fifth Third went from being near the higher end of Wall Street's estimates to the lower end, the Fly reports.
For fiscal 2016, the firm expects Fifth Third to report earnings of $1.59 per share compared to its previous view of $1.62 per share. The consensus estimate is $1.56 per share.
In fiscal 2017, Oppenheimer forecasts earnings of $1.57 per share vs. its prior estimate of $1.79 per share. Wall Street is expecting $1.71 per share.
Yesterday, Morgan Stanleydowngraded the stock to "equal weight" from "overweight."
Shares of Fifth Third closed higher by 0.42% to $16.77 on Wednesday.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.
The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity and expanding profit margins. The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: FITB