Goldman Sachs upgraded Comerica to Buy from Neutral with a $70.50 price target. In 2024, the firm sees several catalysts moving shares higher, including “significant” tangible book value accretion of 76% by the end of 2025, which is higher than the peer average. While 2024 is likely to be a transition year due to lagged deposit betas with rate cuts, Goldman sees significant upside to Comerica’s net interest income and margin in 2025 and beyond, driven by lower swap headwinds and debt paydown, the analyst tells investors in a research note.
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