Comerica price target raised to $54 from $53 at Piper Sandler

Piper Sandler raised the firm’s price target on Comerica to $54 from $53 and keeps a Neutral rating on the shares. Comerica’s core Q1 results came in better than the firm had anticipated, primarily thanks to lesser net interest income degradation than the firm had modeled, the analyst tells investors in a research note. The story’s main leverage will likely come post-Q2, when NII should begin a substantial upward trajectory thanks to a combination of anticipated loan growth rebound and swap/securities portfolio maturities becoming a more visible tailwind, Piper says.