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Comerica Still a “Sell” at Citigroup; Target, Estimates Cut on Lower Interest Margins (CMA)

By Dividend.com,  June 08, 2012, 09:02:08 AM EDT

Regional banker Comerica Incorporated ( CMA ) on Friday caught some continued bearish commentary from analysts at Citigroup.

The firm reiterated its "Sell" rating on CMA and cut its price target from $29 to $28. That new target suggests a small downside to the stock's Thursday closing price of $28.94.

A Citigroup analyst commented, "Given lower NIM forecasts, we reduce our 2013 and 2014 EPS estimates from $2.60 and $2.95 to $2.55 and $2.80. Our estimate for 2012 remains unchanged. Our estimates are ~6% below consensus in 2013 and ~12% below consensus in 2014. In the hypothetical case that rates remain flat through 2014, we estimate that 2012, 2013 and 2014 estimates could fall by another ~2%, ~6% and ~11% vs our new estimates."

Comerica shares were unchanged in premarket trading Friday.

The Bottom Line
Shares of Comerica ( CMA ) have a 2.07% dividend yield, based on last night's closing stock price of $28.94. The stock has technical support in the $24-$26 price area. If the shares can firm up, we see overhead resistance around the $30-$32 price levels.

Comerica Incorporated ( CMA ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: CMA



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