Raymond James cuts Comerica price target to $67
Brokerage Raymond James cuts price target on regional bank Comerica's stock CMA.N to $67 from $72 ahead of Q1
Raymond James cites the bank's recent intra-quarter update and commentary at a recent investor conference
However, the brokerage maintains an "outperform" rating on the stock, citing share repurchase resumptions and attractive valuation
" As the averages for loans and deposits catch up to the nice point-to-point growth. I think we're going to see some really positive tailwinds as we go through time for net interest income," said CMA's CFO James Herzog at RBC Capital Market's conference last month
Brokerage adds that any news of an acquisition in the industry is set to be beneficial to CMA's stock given an "improved outlook for bank consolidation"
5 of 22 brokerages rate the stock "buy" or higher, 13 "hold" and 4 "sell" or lower; their median PT is $66 - LSEG
As of last close, CMA down nearly 6% YTD
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