Comerica Stays A Sell Post-Report

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Comerica Stays A Sell Post-Report

By Zacks Investment Research on October 30, 2008 | More Posts By Zacks Investment Research | Author's Website

Detroit-based Comerica Incorporated (CMA) is one of the top 20 banks in the country. CMA delivers financial services in four primary geographic markets Michigan/Midwest, California/West, Texas and Florida but also has operations in numerous other states as well as in Canada and Mexico.

Comerica Inc. was two pennies short of our third quarter estimate. Credit metrics worsened further during the quarter. After reviewing the results and the outlook provided by management, we are moderating our FY08 and FY09 estimates.

Though the capital infusion by the Treasury will support the balance sheet, higher loan losses in the coming quarters will continue to impact the results. We are thus maintaining our Sell recommendation on Comerica shares with a six-month price target of $26.00 per share.

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