Comerica (CMA): Credit and Expenses Lead Estimates Higher - Jefferies

October 19, 2016 8:56 AM EDT
Get Alerts CMA Hot Sheet
Price: $66.96 +0.98%

Rating Summary:
    14 Buy, 24 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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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.

For an analyst ratings summary and ratings history on Comerica click here. For more ratings news on Comerica click here.

Shares of Comerica closed at $50.05 yesterday.

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