Comerica price target lowered to $56 from $59 at Barclays

Barclays lowered the firm’s price target on Comerica to $56 from $59 and keeps an Underweight rating on the shares following quarterly results. In a research note on Friday, the firm highlighted that lower-than-expected provision and expenses drove an EPS beat, while net interest income/net interest margin approximated forecast. Looking out, it further lowered its 2024 net interest income outlook and increased its tax rate forecast. It also revealed it’s not expected to renew Direct Express, Barclays added.