Comerica (CMA): Credit and Expenses Lead Estimates Higher - Jefferies
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Jefferies analyst, Ken Usdin, raised his price target on Comerica (NYSE: CMA) to $56 from $53 after the company beat expectations on both expenses and credit. Out-year estimates were helped by a favorable 4Q outlook and management now expects its GEAR Up program to drive annual pre-tax benefits of $180mm in '17 (vs. $140mm at 2Q) and $270mm in '18 (vs. $230mm in 2Q). Expense savings are driving the increase.
The analyst increased 2017 and 2018 EPS estimates to $4.05 and $4.50 which drove the increase in the PT. No change to the Hold rating.
Shares of Comerica closed at $50.05 yesterday.
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