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Upgrade Alert for Fifth Third Bancorp (FITB)

By James Quinn

Fifth Third Bancorp (NASDAQ:FITB) was upgraded from Market Perform to Outperform at Keefe Bruyette today. The stock closed yesterday at $17.60 on volume of 9.6 million shares, above average daily volume of 7.5 million.

Fifth Third Bancorp (NASDAQ:FITB) has potential upside of 24.9% based on a current price of $17.60 and analysts' consensus price target of $21.99. The stock should find resistance at its 200-day moving average (MA) of $18.59, as well as support at its 50-day MA of $17.20.

In the past 52 weeks, Fifth Third Bancorp share prices have been bracketed by a low of $13.84 and a high of $21.93 and closed yesterday at $17.60, 27% above that low price. 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 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 subscribers consider buying shares of Fifth Third Bancorp on March 1st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $15.80. Since that recommendation, shares of Fifth Third Bancorp have risen 8.6%. We continue to monitor FITB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades fifth third bancorp

Ticker(s): FITB