Wedbush Starts Comerica (CMA) at Neutral
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Wedbush initiates coverage on Comerica (NYSE: CMA) with a Neutral rating and a price target of $49.00.
Analyst Peter Winter commented, "We believe CMA is fairly valued as it’s trading at a 16% premium to our regional bank peers, the highest P/E multiple in our group. Although profitability (ROE, ROA and efficiency) is below peers, we believe the premium is warranted as CMA is under-earning in this low rate environment, plus we are forecasting above-average EPS growth in 2017 and 2018 with the implementation of its new GEAR Up initiative."
Shares of Comerica closed at $49.20 yesterday.
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