Goldman Sachs Maintains Neutral on Comerica

Goldman Sachs is out with its report today on Comerica

, maintaining Neutral. In a note to clients, Goldman Sachs writes, "Comerica reported 2Q EPS of $0.53. Excluding securities gains and merger related expenses, we peg core EPS at $0.54 – a penny higher than our estimate and consensus. Provision came in lower than expected, but was largely offset by lower than expected NII as NIM compressed 11 bp from the prior quarter given the extended low rate environment. C&I loans grew 3.2% qoq but total loans were flat – yet another quarter of disappointing loan growth for CMA. 2Q results at CMA were relatively in line with our expectations. We view the C&I loan growth and continued improvement in credit as positives but remain concerned at the rate of compression on loan yields." At the time of posting, shares of CMA were trading at $32.10, down 0.65% from Monday's close.