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Downgrade Alert for Fifth Third Bancorp (FITB)

By Amy Schwartz

Fifth Third Bancorp (NASDAQ:FITB) was downgraded from Overweight to Equal Weight at Stephens today. The stock closed yesterday at $18.95 on volume of 6.8 million shares, below average daily volume of 8.1 million.

There is potential upside of 22.5% for shares of Fifth Third Bancorp based on a current price of $18.95 and an average consensus analyst price target of $23.22. The stock should find initial resistance at its 50-day moving average (MA) of $19.30 and further resistance at its 200-day MA of $19.75.

Over the past year, Fifth Third Bancorp has traded in a range of $17.14 to $21.93 and closed yesterday at $18.95, 11% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.6%.

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.

SmarTrend recommended that its subscribers protect gains by selling shares of Fifth Third Bancorp on August 21st, 2015 by issuing a Downtrend alert when the shares were trading at $20.07. Since that call, shares of Fifth Third Bancorp have fallen 5.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades fifth third bancorp

Ticker(s): FITB