Comerica price target lowered to $60 from $62 at Truist

Truist lowered the firm’s price target on Comerica to $60 from $62 and keeps a Buy rating on the shares as part of a broader research note recapping Q1 earnings among Community and Regional Banks. The firm’s updated model for Fed funds rate forecast calls for zero cuts in 2024 and four 25bps cuts in 2025 from three in 2023 and 2024 previously, the analyst tells investors in a research note. Truist is also cutting its FY24 and FY25 EPS on the bank to $5.07 and $6.40 from $5.16 and $6.34, with estimate revisions primarily driven by higher net interest margins and offset partially by lower fee income and higher operating expenses in 2024.