Comerica Bank (CMA) delivered a pleasant surprise on Friday, reporting better-than-expected earnings for its third quarter. The company posted adjusted earnings per share of $1.37, surpassing the market’s expectation of $1.16. While the news was generally positive, Comerica’s stock took a dip on Monday, falling by 3.9% to $62.41.
The company’s revenue also came in slightly below estimates, reaching $811 million compared to the anticipated $811.617 million. Despite this, the earnings beat sparked reactions from several analysts who adjusted their price targets for Comerica.
Barclays analyst Jason Goldberg maintained an Underweight rating on Comerica but raised the price target from $56 to $66. JP Morgan’s Anthony Elian kept a Neutral rating on the stock while increasing the price target from $65 to $70. Stephens & Co. analyst Terry McEvoy took a more optimistic stance, maintaining an Overweight rating and boosting the price target from $64 to $70.
Wells Fargo analyst Mike Mayo remained bearish, sticking with an Underweight rating and raising the price target from $43 to $51. Truist Securities analyst Brandon King kept a Hold rating on the stock and lifted the price target from $66 to $70. DA Davidson analyst Peter Winter maintained a Neutral rating with a price target increase from $64 to $68. Finally, Morgan Stanley analyst Manan Gosalia maintained an Equal-Weight rating, increasing the price target from $63 to $67.
The diverse range of analyst reactions following Comerica’s earnings announcement highlights the differing perspectives on the company’s future prospects. Investors considering buying CMA stock should carefully assess these varied opinions and conduct thorough research before making any investment decisions.