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CLSA's Mike Mayo Talks Comerica's Annual Meeting: Management Is 'Finally Listening'

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Mike Mayo, an analyst at CLSA, discussed several key events that occurred at Comerica Incorporated (NYSE: CMA)'s annual general meeting.

Speaking to CNBC, Mayo said Comerica's annual general meeting was one of its "most noteworthy" gatherings. He added that the meeting could mark a "turning point" as management is "finally listening."

Related Link: Comerica Q1 Profit Impacted By Oil And Gas Cycle, Falls Shy Of Estimates

"We published a report three years ago saying what if interest rates don't rise," Mayo said. "Well guess what, interest rates didn't rise and they are in a tougher position than they were then. But today is the day that Comerica moves from its Plan A to its Plan B."

Mayo continued that Comerica's management displayed a "sense of urgency to restructure" and that "all options are on the table." In fact, management even said that they would consider strategic alternatives at least seven times during the presentation.

Finally, the analyst suggested that management's message was "loud and clear," and the stock could gain moving forward.

Shares of Comerica traded higher by more than 3 percent Tuesday.

 

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