Goldman Sachs announced on Tuesday that it has lifted its rating on Comerica Incorporated (CMA
The firm has upgraded CMA from “Sell” to “Neutral,” and has raised the company’s price target from $38 to $42. This price target suggests a 2% upside from the stock’s current price of $40.83.
An analyst from the firm noted: “The market has shown willingness to price the shares at a premium based on CMA's absolute rate upside, which we do not expect to change much over time.”
“That said, near-term expectations could be at risk given the ~4% decline in loans in 3Q, which if it continues could weigh on its longer-term earnings profile,” the analyst added.
Looking ahead, the firm has lowered its FY2013 earnings estimates from $2.85 to $2.81 per share. FY2014 estimates have been reduced from $2.95 to $2.90 per share and FY2015 estimates of $3.30 per share were maintained.
Comerica shares were mostly flat during pre-market trading Tuesday. The stock is up 35% YTD.
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