UPDATE: J.P. Morgan Lowers PT on Comerica to $32
J.P. Morgan is out with its report today on Comerica (NYSE: CMA), lowering its PT from $42 to $32.
In its report, J.P. Morgan writes, "On a combination of the pace of the economic recovery stalling and the yield curve flattening, we now believe that the timeline for the industry to reach normalized earnings has been extended to 2015. As a result, we are lowering our December 2012 price target from $42 to $32. Our revised price target assumes shares trade at 0.96x our YE2012 TBV estimate of $33.44, which conservatively implies the shares maintain a wide discount to peers. At current valuation levels, CMA offers a strong risk/reward trade-off in our view."
J.P. Morgan maintains Overweight on CMA.
At the time of posting, shares of CMA were trading pre-market at $23.90, up 0.42% from Tuesday's close.
