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Fly News Breaks for January 12, 2016
CMA
Jan 12, 2016 | 09:23 EDT
As previously reported, BofA/Merrill downgraded Comerica two notches to Underperform from Buy and lowered its price target to $39 from $54 on shares. Analyst Erika Najarian believes Comerica's Q4 credit trends could be worse than expected following Associated Bank's (ASB) preannouncement of higher reserves for its E&P portfolio. Najarian's previous long-term thesis incorporated Comerica's value to a future buyer, and potential value creation, which is now unlikely to support shares given the difficult credit quarter.
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