Deutsche Bank Maintains a 'Hold' on Comerica (CMA); Digging Through Q2; Remain Below Consensus for FY13

Deutsche Bank maintains a 'Hold' on Comerica (NYSE: CMA) price target of $29.00.

Deutsche analyst said, "CMA reported 2Q12 EPS of $0.73 vs. consensus of $0.60: Upside is from slightly higher fees (some of which are a bit lumpy), lower expenses and lower than expected credit costs (due to reserve release). While loan growth was solid, net interest income was weaker than expected (NIM down 9bps q/q and -4bps ex purchase accounting accretion)."

Deutsche Bank remains below consensus for FY13 estimates, saying, "If we take 2Q12 EPS and back out merger charges, securities gains, purchase accounting accretion (which will be down meaningfully in 2013) and reserve release we get EPS of $0.59 or $2.36 annualized. If we add back $30m (or $0.10) of purchase accounting accretion in 2013, we get EPS of $2.46 and a couple of pennies higher incl buyback. Our 2013e of $2.48 compares to consensus of $2.70—which likely has higher net interest income than we do."



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 $30.81 yesterday.

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