Jefferies Upgrades Comerica (CMA) to Buy
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Jefferies upgraded Comerica (NYSE: CMA) from Hold to Buy with a price target of $74.00 (from $56.00) to reflect post-election stock/EPS dynamics.
Analyst Ken Usdin commented, "We upgrade CMA to Buy (from hold), with earnings likely to benefit more vs. peers from higher short-term interest rates and a potentially lower Federal tax rate (30% effective tax rate in ’16). Our published EPS estimates of $4.05 and $4.50 in ’17 and ’18, respectively, are also 5%-10% above the consensus mean, driven by both lower operating expenses and lower provisions."
Shares of Comerica closed at $62.16 yesterday.
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