UPDATE: Stifel Nicolaus Downgrades Comerica to Sell on Valuation, Lack of Catalysts
Stifel Nicolaus reduced its rating on Comerica (NYSE: CMA) from Hold to Sell on lack of catalysts and high P/E multiple.
Stifel Nicolaus commented, "We are downgrading the shares of CMA to Sell from Hold given the combination of the lack of earnings catalysts and the high P/E multiples both on our current 2013 EPS estimate and our “normalized” EPS estimate. The downgrade is not an indictment on management. In fact, we believe management has done an admirable job in navigating the company through the financial crisis and the ensuing challenging operating environment."
Comerica closed at $33.10 on Thursday.
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