Comerica Stock Rating Reaffirmed by Zacks (CMA)
Comerica (NYSE:CMA)‘s stock had its “neutral” rating reaffirmed by Zacks in a research note issued on Friday, Stock Ratings Network.com reports. They currently have a $42.00 price objective on the stock. Zacks‘ target price suggests a potential upside of 4.09% from the company’s current price.
Zacks‘ analyst wrote, “Comerica continued the trend of impressive results in its second-quarter 2013 earnings, which handily beat the Zacks Consensus Estimate. The results reflected improved revenues, driven by increased non-interest income and reduced expenses. Further, improved credit metrics and a rise in loans and deposits were the positives. However, a decline in net interest income was the dampener. Going forward, we believe that continuous geographic diversification beyond the company’s traditional and slower-growing Midwest markets could drive growth over the next cycle. Revenue synergies from the Sterling acquisition will likely augment top-line growth. Capital redeployment efforts are also encouraging, but an unsettled economic environment, regulatory overhangs and pressure on net interest margin continue to be our concerns.”
A number of other analysts have also recently weighed in on CMA. Analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Comerica (NYSE:CMA) in a research note to investors on Wednesday, July 17th. They now have a $40.00 price target on the stock, down previously from $41.00. Separately, analysts at BMO Capital Markets raised their price target on shares of Comerica (NYSE:CMA) to $41.00 in a research note to investors on Wednesday, July 17th. Finally, analysts at RBC Capital raised their price target on shares of Comerica (NYSE:CMA) from $42.00 to $45.00 in a research note to investors on Wednesday, July 17th. They now have an “outperform” rating on the stock.
Ten investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $37.71.
Shares of Comerica (NYSE:CMA) traded down 0.37% on Friday, hitting $40.20. 759,496 shares of the company’s stock traded hands. Comerica has a 52 week low of $27.72 and a 52 week high of $43.49. The stock has a 50-day moving average of $41.98 and a 200-day moving average of $38.73. The company has a market cap of $7.435 billion and a price-to-earnings ratio of 14.74.
Comerica (NYSE:CMA) last announced its earnings results on Tuesday, July 16th. The company reported $0.76 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.70 by $0.06. The company had revenue of $622.00 million for the quarter, compared to the consensus estimate of $621.67 million. During the same quarter in the previous year, the company posted $0.73 earnings per share. The company’s revenue for the quarter was down 3.7% on a year-over-year basis. Analysts expect that Comerica will post $2.87 EPS for the current fiscal year.
Comerica Incorporated (NYSE:CMA) is a financial services company.
To view Zacks’ full report, visit www.zacks.com
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.