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Downgrade Alert for Fifth Third Bancorp (FITB)

By Shiri Gupta

Fifth Third Bancorp (NASDAQ:FITB) was downgraded from Overweight to Equal Weight at Morgan Stanley today. The stock closed yesterday at $16.70 on volume of 6.6 million shares, below average daily volume of 7.5 million.

Fifth Third Bancorp is a diversified financial services company that operates banking centers in in the Midwestern and Southeastern regions of the United States. The Company's principal businesses include retail banking, commercial banking, investment advisory, and data processing.

Fifth Third Bancorp share prices have moved between a 52-week high of $21.93 and a 52-week low of $13.84 and closed yesterday at 21% above that low price at $16.70 per share. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 1.2%.

Fifth Third Bancorp (NASDAQ:FITB) has potential upside of 31.7% based on a current price of $16.70 and analysts' consensus price target of $21.99. The stock should run into initial resistance at its 50-day moving average (MA) of $17.20 and subsequent resistance at its 200-day MA of $18.59.

SmarTrend is monitoring the recent change of momentum in Fifth Third Bancorp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Fifth Third Bancorp in search of a potential trend change.

Keywords: analyst upgrades/downgrades fifth third bancorp

Ticker(s): FITB