Comerica (CMA) PT Raised to $63 at Citi

Citi analyst Keith Horowitz raised the price target on Comerica (NYSE: CMA) to $63.00 (from $51.00) while maintaining a Neutral rating.

The analyst comments "While overall growth continues to look rather lackluster, we have a higher degree of confidence on the near-term PPNR (ex Express Direct related business activities). The swap headwind reprieve is a large driver for the NII uptick over the next couple quarters, which seemed to be modestly mispriced by the market (aiding Friday’s upside vs peers; in addition to share repurchase announcement). Going into 2025, we see limited growth – however – this mitigates any incremental expense increase and any lingering/limited credit concerns. Relative to past expectations, core results were modestly better than expected – although upside from here seems rather limited without a catalyst. Increased TP from $51 to $63."

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