Comerica price target lowered to $85 from $89 at Morgan Stanley

Morgan Stanley analyst Manan Gosalia lowered the firm’s price target on Comerica to $85 from $89 and keeps an Equal Weight rating on the shares. Gosalia and fellow analyst Betsy Graseck said bank management comments last week show that their thesis for accelerating deposit costs is playing out, but even faster than they’d anticipated, leading them to take down EPS estimates by a median 2% for Q4.