Wells Fargo Upgrades Comerica (CMA) to Market Perform; Valuation Call

Wells Fargo upgraded Comerica (NYSE: CMA) from Underpeform to Market Perform with a price target range of $23-$25 (from $20-22).

Wells analyst says, "Reflective of valuation and recently higher LIBOR rates in Q3, we are upgrading our recommendation on CMA to Market Perform. Since 8/5/11, CMA shares have declined by 22% (through 9/27) vs. a market-cap weighted drop of 6% for our LCRB coverage universe and a 3% drop in the S&P 500. Recent improvement in LIBOR levels should bolster CMA's yields in its largely floating-rate loan book."

"Maintaining Q3 GAAP EPS estimate of $0.44 and core EPS estimate of $0.59...Lowering FY 2012 EPS estimates to $2.25 and introducing FY 2013 estimate of $2.75."

For more ratings news on Comerica click here and for the rating history of Comerica click here.

Shares of Comerica closed at $23.41 yesterday.

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