Comerica Still a Sell Pre-Earnings

Tags: cma
10 Jan 12:53am
Posted by ZacksResearch
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Comerica (CMA) is a Detroit-based banking and financial services company. With nearly 10,350 employees and 400+ banking offices, CMA is one of the top 20 banks in the country.

CMA is scheduled to release its 4Q08 financial results on January 22, 2009. Excluding the one-time items, 3Q08 operating earnings came in at $0.52 per diluted share, two pennies short of our estimate.

Credit metrics worsened further during the reported quarter. Though the capital infusion by the Treasury will support the balance sheet, higher loan losses in the coming quarters will continue to impact the results.

Ahead of 4Q08 financial results, we are moderating our FY08 and FY09 estimates. We maintain our Sell recommendation on the shares with a six-month price target of $17.00 per share.

Read the full analyst report on CMA




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