Comerica price target lowered to $56 from $62 at RBC Capital

RBC Capital lowered the firm’s price target on Comerica to $56 from $62 but keeps an Outperform rating on the shares. The analyst cites the company’s updated outlook at an investor conference calling for Q2 net interest income at lower end of guidance amid the “manageable environmental headwinds on funding”. The firm adds however that among the quarter’s key trends for Comerica are the stable deposit balances with ongoing mix from noninterest bearing to interest bearing as well as a strong loan growth.