Comerica Stock Upgraded at Goldman By The Street
Comerica (NYSE:CMA) stock was also added to Goldman's 'conviction list' on Friday.
Comerica's stock rating was raised to "buy" from "neutral" at Goldman Sachs on Friday. The firm also added the stock to its "conviction list."
"We upgrade CMA...as we see a path to a 10%+ ROTCE (return on average tangible common shareholders' equity) by year-end 2018 which we believe the market is not pricing into expectations," Goldman wrote in an analyst note earlier today.
The firm said it sees upside to Comerica's recently announced strategic plan to improve pre-tax returns by $230 million, the Fly reports.
Goldman also expects additional revenue and expense steps to be announced during the company's third quarter earnings, which could add to the current momentum of the shares.
Additionally, management said all options are open, such as mergers and acquisitions, which could provide downside protection to the stock, the Fly noted.
The firm increased its price target to $52 from $49 on shares of the Dallas-based financial services company and bank.
Shares of Comerica closed lower on Friday.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.
The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins and increase in stock price during the past year. The team believes its strengths outweigh the fact that the company has had somewhat weak growth in earnings per share.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
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