RBC Capital lowered the firm’s price target on Comerica to $58 from $62 and keeps an Outperform rating on the shares. The company’s recent conference presentation and updated FY24 outlook have modestly reduced its net interest income outlook given higher cost deposit mix trends and continued pressure on noninterest bearing balances, the analyst tells investors in a research note. RBC is also cutting its FY24 EPS view to $5.28 from $5.63 and its FY25 view to $6.25 from $6.40 as Comerica management expects slightly higher expense growth for 2024.
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