Sterne Agee Initiates Coverage Of FITB

Sterne Agee has initiated coverage of Fifth Third Bancorp FITB with a Buy Rating. According to the report, “Although FITB is not immune to the revenue headwinds affecting the industry, an inexpensive valuation, increasing capital flexibility and earnings leverage tied to better than expected credit quality and improving loan demand in the Midwest underscore our BUY rating.” FITB has a $17 Price Target and closed at $13.87 yesterday.