Truist lowered the firm’s price target on Comerica to $43 from $49 and keeps a Buy rating on the shares as part of a broader research note recapping Q3 results for Community and Regional Banks. The firm is citing the company’s lower net interest margin, though this is offset partially by lower expenses and provisioning. The net interest income and margin trajectory is now lower as interest bearing deposit betas continue to surprise to the upside, though at 7.6-times expected 2024 earnings, the stock’s valuation is attractive, the analyst tells investors in a research note.
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