Compass Point Maintains a 'Neutral' on Comerica (CMA); Raising Estimates on Strong Quarter
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Price: $88.67 --0%
Rating Summary:
6 Buy, 28 Hold, 7 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 6 | New: 26
Rating Summary:
6 Buy, 28 Hold, 7 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 6 | New: 26
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Compass Point maintains a 'Neutral' on Comerica (NYSE: CMA) price target raised to $33.00.
Analyst, Mike Turner, said, "Earnings were strong, even in light of what were low investor expectations. Avg. loan growth, net interest income (mostly accretion) and provision expense were all better than our expectation. Despite the strong results, management left core FY12 PPNR guidance unchanged, though lowered their expectation for provision expense, which we estimate adds $0.12 to EPS. As a result of the stronger revenue trends and substantially lower provision, we are increasing our FY12/FY13 EPS estimates from $2.27 and $2.44 to $2.51 and $2.67, respectively."
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 $31.95 yesterday.
Analyst, Mike Turner, said, "Earnings were strong, even in light of what were low investor expectations. Avg. loan growth, net interest income (mostly accretion) and provision expense were all better than our expectation. Despite the strong results, management left core FY12 PPNR guidance unchanged, though lowered their expectation for provision expense, which we estimate adds $0.12 to EPS. As a result of the stronger revenue trends and substantially lower provision, we are increasing our FY12/FY13 EPS estimates from $2.27 and $2.44 to $2.51 and $2.67, respectively."
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 $31.95 yesterday.
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