UPDATE: Compass Point Downgrades Comerica's Rating from Buy to Neutral; Increases PT
According to a research report published by Compass Point, Comerica, Inc.'s (NYSE: CMA) PT increased from $1 to $29 and is downgraded from a Buy rating to Neutral.
In the report, Compass Point commented, “4Q11 results were strong with the NIM stabilizing, loan growth accelerating and credit costs continuing to decline. That said, our outlook for FY13 remains relatively unchanged following results. Additionally, the stock has appreciated 28.4% since our last publication vs. the BKX performance of +12.7%. Trading at 12.7x our FY13 estimate, we see shares as fairly valued at the current level. We note our estimates and price target assume a stable interest rate environment. Should rates rise, our assumptions could prove conservative due to their asset sensitive nature.”
Comerica Inc. closed Friday at $29.58.
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