JPMorgan analyst Vivek Juneja upgraded Fifth Third to Overweight from Neutral with a price target of $39.50, up from $37.50. Looking past the earnings report, interest rates are staying higher for longer with sticky inflation, with 10 year Treasury yields up 48 basis points to date in Q2, the analyst tells investors in a research note. With higher long- and medium-term rates, banks should benefit from higher reinvestment yields on their fixed rate securities and loan portfolios which should drive growth in net interest income in the second half of 2024, says the firm.
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