Jefferies Reiterates Hold Rating, $34 PT on Comerica Incorporated
In a report published Wednesday, Jefferies & Company reiterated its Hold rating and $34.00 price target on Comerica Incorporated (NYSE: CMA).
Jefferies noted, “Core operating trends were pretty good overall, as loan growth was solid, expenses declined nicely, and credit quality improved. However, we expect the net interest income trajectory will continue to be challenged, which keeps our '13 estimate at $2.75. Trading a touch below tangible book value ($32.82), CMA should have downside support, but upside could be limited with rate hikes likely on hold until late-2014, in our view.”
Comerica Incorporated closed on Tuesday at $31.99.
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