FBR Capital Downgrades Comerica (CMA) to Market Perform
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FBR Capital downgraded Comerica (NYSE: CMA) from Outperform to Market Perform but maintains a price target of $50.00 on valuation.
Analyst Bob Ramsey commented, "We are downgrading our rating on shares of Comerica Incorporated to Market Perform (from Outperform) based on the recent strength in performance. Since our upgrade on January 19, 2016, CMA has generated a total return of 43.29% (versus a 15.27% total return for the SNL U.S. Bank index), and we view the shares as fairly valued at current levels. We maintain our $50 price target and revise our 2016 and 2017 EPS estimates to $2.70 (from $2.75) and $3.70 (from $3.80), respectively."
Shares of Comerica closed at $49.47 yesterday.
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