UPDATE: Stifel Nicolaus Downgrades Comerica to Sell

Stifel Nicolaus downgrades Comerica

to Sell from Hold as it sees better profitability and value elsewhere. Stifel Nicolaus says, "With the shares trading at 13.7x and 12.1x our 2012 and 2013 EPS estimates, representing the highest P/E multiples in our large cap universe despite a very mediocre ROTE of just 7%, it is as if investors believe: 1) short term interest rates are going to rise soon, 2) commercial loan growth will maintain its torrid 4Q11 pace, and/or 3) the company has significant leverage to improving credit costs. Unfortunately, there is more potential downside risk than upside risk to the variables mentioned above, in our opinion." CMA closed at $30.75 a share yesterday.