The price target cut comes after the company reported its 2015 fourth quarter earnings results yesterday, which were higher than the firm's expectations, but provided a disappointing outlook.
Fifth Third Bancorp reported earnings of 79 cents per share, compared to Oppenheimer's 75 cents per share estimate.
"Coming into the quarter we were worried the new CEO could reset 2016 expectations to a level he could easily beat during his first full year," the firm said in an analyst note, "We still think that's what happened yesterday, but were surprised at the level of detail management gave in forcing expectations lower."
Oppenheimer maintained its rating as the company benefits from hidden asset value that has a potential catalyst, so the firm believes it can outperform while it waits for higher returns.
The Cincinnati, OH-based company's primary businesses includes retail banking, commercial banking, investment advisory, and data processing.
Its subsidiary Fifth Third Bank is a U.S. regional banking corporation.
Shares of Fifth Third Bancorp are increasing by 0.25% to $15.77 at the start of trading on Friday.
Separately, TheStreet Ratings Team has a "buy" rating with a score of B.
This is driven by some important positives, which the team believes should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks it covers.
The company's strengths can be seen in multiple areas, such as its revenue growth, increase in net income and expanding profit margins. The team believes its strengths outweigh the fact that the company has had somewhat disappointing return on equity.