NEW YORK (TheStreet) -- Shares of Fifth Third Bancorp (FITB) are climbing 1.83% to $20.90 in Tuesday's afternoon trading after analysts at Oppenheimer upgraded the company to "outperform" from "market perform" with a price target of $25.
"We believe investors are underappreciating the full Vantiv asset value to FITB shareholders," analysts said.
The analyst action comes after the company posted its first quarter results, reporting revenue of $1.5 billion, or 44 cents per share, compared to revenue of $1.46 billion, or 36 cents per share in the same quarter last year. Overall, this was a 19% increase in profits.
The company was expected to post revenue of $1.45 billion, or 37 cents per share in the first quarter, according to analysts polled by Thomson Reuters.
"Our results this quarter were solid despite the impact of expected first quarter seasonality and challenging market conditions," CEO Kevin Kabat said.
Fifth Third Bancorp, headquarter in Cincinnati, is a financial services company.
TheStreet Ratings team rates FIFTH THIRD BANCORP asgoogle.com a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate FIFTH THIRD BANCORP (FITB) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in net income, good cash flow from operations, expanding profit margins and increase in stock price during the past year. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity."