Comerica downgraded to Underperform from In Line at Evercore ISI

Evercore ISI analyst John Pancari downgraded Comerica (CMA) to Underperform from In Line with a price target of $50, down from $65. The firm says the company’s fundamentals are pressured “as client activity cools amid macro uncertainty.” Comerica is not immune to revenue pressures ahead, including a further pullback in loan demand and weaker customer-related fee trends, the analyst tells investors in a research note. Evercore believes the company also appears to lack the expense flexibility required to adequately insulate earnings against sales pressure. It expects “persistent earnings risk” to pressure Comerica’s relative multiple over time.