Comerica price target raised to $62 from $61 at RBC Capital

RBC Capital analyst Jon Arfstrom raised the firm’s price target on Comerica to $62 from $61 and keeps an Outperform rating on the shares. The company’s Q1 results were decent and consistent with its recent March update, and while its spread revenues and loan balances were pressured again this quarter, Comerica management appears more optimistic that both of these areas can inflect beginning in the back half of 2024, the analyst tells investors in a research note. RBC further cites the company’s tighter core expense control and manageable credit quality.