Comerica price target lowered to $49 from $54 at DA Davidson

DA Davidson analyst Peter Winter lowered the firm’s price target on Comerica to $49 from $54 but keeps a Buy rating on the shares. The company’s Q3 earnings beat was led by a lower provision expense, while pre-provision net revenues declined by $69M from Q2, the analyst tells investors in a research note. The firm also notes that Comerica has much higher core expenses and continued pressure on net interest income, but the pressure moderated, and the company expects net interest income and net interest margin to trough in Q1.