UPDATE: Keefe, Bruyette & Woods Downgrades Fifth Third Bancorp On Valuation

In a report published Tuesday, Keefe, Bruyette & Woods analyst Christopher Mutascio downgraded the rating on Fifth Third Bancorp (NASDAQ: FITB) from Outperform to Market Perform, but reiterated the $20.00 price target.

In the report, Keefe, Bruyette & Woods noted, "We are downgrading FITB shares to Market Perform from Outperform based on valuation with the shares now trading within 3% of our $20 price target. There are no changes to our EPS estimates, which remain $1.58 and $1.78 for 2015 and 2016, respectively."

Fifth Third Bancorp closed on Monday at $19.51.