FBR Capital upgraded Comerica (NYSE: CMA) from Market Perform to Outperform with a price target of $48.00, saying TBV is growing and energy risk can be quantified.

Analyst Bob Ramsey commented, "We upgrade Comerica Incorporated (CMA) to Outperform (from Market Perform) and reiterate our $48 price target, equal to 16.0x our 2016 EPS estimate and 1.2x TBV. Sentiment on CMA is low, given investor concerns about energy and interest rates, but we consider the risk/return very attractive. Shares trade at just 88% TBV, yet we expect TBV to grow even in a stressed scenario for energy. Further, we see downside support for CMA, as the company is repurchasing stock, now below TBV, and further deterioration in share price or fundamentals could potentially make CMA a target for acquisition. To reflect modest NIM expansion mitigated by increased credit costs, we reiterate our 2016 operating EPS estimate of $3.00 and increase our 2017 EPS estimate to $3.70 from $3.55."

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Shares of Comerica closed at $34.72 yesterday.