Sterne Agee Neutral On Comerica (CMA)

Sterne Agee has a Neutral rating on shares of Comerica, Inc. CMA. In a note to clients, Sterne Agee writes, "We indicated in a preview we anticipated CMA was trading toward the upper end of a $36-$42 trading range. We still like the multi-year prospects for shareholders as the economy eventually improves and higher interest rates result in a higher NIM and overall profitability, but we have been expecting subdued pre-provision profitability to restrain the valuation on TBVPS. With the dilution to TBVPS (to ~$29.30) with the SBIB ($8.93 − Neutral) deal, our updated view is pullbacks to the mid-$30s is an attractive level to acquire CMA shares." Shares of CMA lost $3.51 yesterday to close at $38.74.