Comerica price target lowered to $50 from $54 at RBC Capital

RBC Capital lowered the firm’s price target on Comerica to $50 from $54 but keeps an Outperform rating on the shares after its Q3 results. This was a transitional quarter for the company with core deposit growth and some optimism around an eventual bottom for the margin in early 2024, the analyst tells investors in a research note. RBC adds that the company’s fundamentals were also balanced with strong fee income activity, higher expenses, and clean credit trends, though the firm also believes that reaching a margin trough and generating net interest income momentum are important to eventually driving a more positive outlook.