Comerica price target lowered to $50 from $53 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Comerica to $50 from $53 and keeps an Equal Weight rating on the shares. A “strong quarter” in Q2 was overshadowed by headwinds to forward net interest income, or NII, and the loss of the Direct Express program in the re-bid process, says the analyst, who is taking down the firm’s second half of FY24 EPS estimate by 9% and 2025 estimates by 12% based on the lower NII outlook.