UPDATE: Compass Point Lowers PT to $28 on Comerica

A report from Compass Point reiterates its Buy rating and lowers its price target from $29 to $28 on Comerica (NYSE: CMA).

The report states, “We continue to see value in shares of CMA. NIM guidance for FY12 represented a disappointment on top of several consecutive quarters of a lower than expected NIM; however, we believe the sell‐off following the earnings announcement was more emotionally driven and not reflective of the potential earnings read‐through to 2012."

CMA closed yesterday at $23.13.