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Fly News Breaks for October 17, 2019
CMA
Oct 17, 2019 | 07:13 EDT
JPMorgan analyst Steven Alexopoulos downgraded Comerica to Underweight from Neutral with a price target of $65, down from $70. The company's net interest margin has trended down over the past several quarters, Alexopoulos tells investors in a post-earnings research note. As fed funds rate continues to drift lower, the analyst believes Comerica's earnings growth will trend negative in 2020 and below current consensus estimates. Further, while the stock "appears cheap," this is "much more of a value trap than value," contends Alexopoulos.
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