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NEW YORK - Robert W. Baird & Co. analyst David George on Tuesday downgraded the shares of Fifth Third Bancorp to "Neutral" from "Outperform," concerned that the weak economic environment may make it difficult for the bank to sell off assets as planned.
| FITB | 7.49 |  -0.22 |
"While the company is on track to sell noncore businesses over the next several quarters in order to shore up its capital base, the weakening macro environment may make it more difficult for Fifth Third to receive fair value for these businesses," George wrote in a note to clients.
Additionally, George believes that the Cincinnati-based bank may need to raise additional capital as it deals with significant credit costs in its construction and home builder loan portfolios.
George trimmed his full-year profit estimate to 67 cents per share from 78 cents per share. Analysts polled by Thomson Reuters, on average, anticipate earnings of 69 cents per share in 2008.
Fifth Third shares gained 79 cents, or 8.7 percent, to $9.90 in premarket trading.
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