Goldman Sachs Resumes Comerica (CMA) at Sell
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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: 5 | New: 26
Rating Summary:
6 Buy, 28 Hold, 7 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Goldman Sachs resumes coverage on Comerica (NYSE: CMA) with a Sell rating and $28 price target.
The firm sees risk to the company's asset sensitivity-driven premium valuation as out-year rate hikes and margin expansion expectations are right-sized. In addition, limited ability to further lower deposit costs would result in NIM compression in the near term, the firm said. Loan growth also has more problems from attrition at the company's above-average concentration in C&I and third-highest market share disproportionately expose it to competition. Lastly, they see little leverage to improving environmental costs, something others in the sector will see an earnings benefit from.
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 $30.39 yesterday.
The firm sees risk to the company's asset sensitivity-driven premium valuation as out-year rate hikes and margin expansion expectations are right-sized. In addition, limited ability to further lower deposit costs would result in NIM compression in the near term, the firm said. Loan growth also has more problems from attrition at the company's above-average concentration in C&I and third-highest market share disproportionately expose it to competition. Lastly, they see little leverage to improving environmental costs, something others in the sector will see an earnings benefit from.
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 $30.39 yesterday.
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