Goldman Sachs Downgrades Comerica (CMA) to Buy

Goldman Sachs analyst Ryan Nash downgraded Comerica (NYSE: CMA) from Conviction Buy to Buy with a price target of $81.00 (from $99.00).

The analyst believes revenue growth upside will be harder to achieve under increased rates from the Fed. He comments "With the Fed unlikely to raise rates more than 1-2 more times this cycle, we believe out-year (2020+) revenue growth upside will be harder to come by as higher rates have accounted for more than 80% of its revenue growth the past two years."

Nash remains positive on the company citing:

1. Improving commercial loan growth,
2. lower efficiency via tight expense discipline and,
3. best in class capital returns.

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 $69.28 yesterday.

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