UPDATE: Stifel Nicolaus Downgrades Comerica to Sell on Premium Valuation, Low ROA
Stifel Nicolaus downgraded Comerica (NYSE: CMA) from Hold to Sell.
Stifel Nicolaus commented, "The shares are trading at a 25% premium to the rest of our large cap bank coverage universe despite having one of the lowest projected ROAs. With approximately 72% of the company's earning assets tied to the short-end of the yield curve (not the long end), we believe the market is way ahead of itself in assuming just how much the company benefits from the recent rise in long-term interest rates."
Comerica closed at $35.77 on Friday.
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