Fifth Third Bancorp (FITB) NewsBite - FITB Downgraded By Goldman Sachs

Posted: Monday, October 05, 2009 12:22 PM EDT

Fifth Third Bancorp (FITB) was downgraded today by analysts at Goldman Sachs and the stock is now at $9.37, up $.01 (0.11%) on volume of 7,008,537 shares traded. The stock is trading flat today after it was lowered to a Buy from Conviction Buy by Goldman Sachs. Over the last 52 weeks the stock has ranged from a low of $1.01 in February to a high of $14.75 in October. Fifth Third Bancorp stock has been showing support around $8.79 and resistance in the $9.89 range. Technical indicators for the stock are neutral and S&P gives FITB a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on FITB the stock seems like it could be a candidate for a January out-of-the-money bull-put credit spread below the 7.5 range. [ABR-Seven Summits Strategic Investments NewsBite]

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