Compass Point Maintains a 'Neutral' on Comerica (CMA); 2H Outlook Becomes More Cautious
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Price: $38.96 +0.65%
Rating Summary:
6 Buy, 14 Hold, 9 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
6 Buy, 14 Hold, 9 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade CMA Now!
Compass Point maintains a 'Neutral' on Comerica (NYSE: CMA) price target of $32.00 (from $33.00).
Analyst, Mike Turner, said, "Earnings were strong, bolstered by mortgage banking, dealer finance and C&I loan growth, as well as reduced expenses. However, much of the strength appears seasonally driven as updated guidance implies declining revenues in the 2H12. Further, management's tone on the call seemed to reflect a heightened sense of uncertainty on the part of their core C&I borrowers. Overall, we continue to view CMA as a high quality franchise that is substantially levered to C&I growth and rising rates."
Turner raises FY12 EPS estimate from $2.51 to $2.63, but lowers FY13 EPS from $2.67 to $2.60.
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 $30.81 yesterday, with a 52 week range of $21.48-$34.08.
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Analyst, Mike Turner, said, "Earnings were strong, bolstered by mortgage banking, dealer finance and C&I loan growth, as well as reduced expenses. However, much of the strength appears seasonally driven as updated guidance implies declining revenues in the 2H12. Further, management's tone on the call seemed to reflect a heightened sense of uncertainty on the part of their core C&I borrowers. Overall, we continue to view CMA as a high quality franchise that is substantially levered to C&I growth and rising rates."
Turner raises FY12 EPS estimate from $2.51 to $2.63, but lowers FY13 EPS from $2.67 to $2.60.
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 $30.81 yesterday, with a 52 week range of $21.48-$34.08.
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