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.
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