Jefferies Upgrades Comerica (CMA) to Buy

November 28, 2016 7:38 AM EST
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 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."

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 $62.16 yesterday.

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