Fifth Third price target raised to $55 from $50 at Truist

Truist analyst Brian Foran raised the firm’s price target on Fifth Third (FITB) to $55 from $50 and keeps a Buy rating on the shares as part of a broader research note refreshing the firm’s models on Banks amid management outlook updates and check-ins with Investor Relations. A bigger step-up in variable customer engagement expenses than the firm had originally budgeted is being offset by operating leverage on operating expenses and marketing, the analyst tells investors in a research note. Consensus is building in a slight EPS deceleration across the group, but the general vibe from management teams “feels more optimistic”, the firm added.