Catch up on the today's top five analyst downgrades with this list compiled by The Fly: 1. HeartWare (HTWR) downgraded to Equal Weight from Overweight at Barclays by analyst Matthew Taylor, saying he does not expect a competing takeover bid to Medtronic's (MDT) offer. The analyst raised his price target for the shares to $58 from $35. Similarly, shares were downgraded to Market Perform from Outperform at Wells Fargo, with analyst Larry Biegelsen saying he sees a low likelihood that a higher bidder will emerge. The analyst believes Medtronic paid a fair valuation for HeartWare. HeartWare was also downgraded to Neutral from Buy at BTIG. 2. Esperion (ESPR) downgraded to Neutral from Overweight at JPMorgan by analyst Jessica Fye, who slashed her price target for shares to $15 from $50. The analyst says last night's regulatory update is a net negative. Disappointingly, the FDA did not sign off on the use of LDL-C lowering as an acceptable regulatory endpoint for approval of bempedoic acid for the treatment of statin-intolerant patients, Fye tells investors in a research note. The analyst still believes bempedoic acid is an effective LDL-C lowering agent, but now sees a drawn out path to approval in the U.S. Esperion was also downgraded to Underperform at Neutral at Credit Suisse by analyst Vamil Divan, who says the update on the development plans for bempedoic acid leaves him increasingly concerned about the products outlook in the U.S. market. The analyst was surprised that the FDA may not be willing to allow LDL-C as a surrogate endpoint for initial approval but believes there will be significant pressure, and limited upside, on shares until that certainty is obtained, and that process may take years to play out. Esperion was also downgraded to Sector Perform from Outperform at RBC Capital. 3. Comerica (CMA) downgraded to Underperform from Neutral at BofA/Merrill, which reduced its price target to $36 from $45. The firm's analyst lowered estimates 8% below consensus for 2016 and 17% below consensus in 2017 due to low rates that will pressure spread revenue growth, slower U.S. economic growth, and continued reserve build. The firm also downgraded Regions Financial (RF), Synovus (SNV), Texas Capital (TCBI) and Franklin Financial Network (FSB) to Neutral from Buy, as well as Zions Bancorp (ZION) to Underperform from Neutral. 4. comScore (SCOR) downgraded to Neutral from Positive at Susquehanna, citing uncertainty surrounding its accounting issues. The firm continues to like the long-term fundamental story, but with an unclear timeline for its resolution, they are moving to the sidelines. Susquehanna lowered its price target to $18 from $30 on comScore shares. 5. Harman (HAR) downgraded to Sector Perform from Outperform at RBC Capital partly based on the low number of new car launches next year, the firm's forecast for reduced production by the company's European customers, and the firm's reduction in its U.S. auto production versus its previous forecast. Additionally, the firm expects GM (GM) to delay a number of its connected car launches that had been slated for fiscal 2017 until fiscal 2018. The firm lowered its price target to $73 from $85. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

UBS analyst Erika Najarian lowered the firm's price target on Comerica to $55 from $59 and keeps a Neutral rating on the shares. Despite the company's liability sensitive positioning, management reiterated the 2024 net interest income outlook for a decline of 11% year over year which is now based on two 25 basis point cuts, the analyst tells investors in a research note. The firm continues to view the NII outlook as a "show me" story given the uncertainty surrounding the macro-economic backdrop, and while there are attractive drivers to the 2025 outlook, including the roll-off of interest rate swaps, repricing in the securities book and tailwinds from lower deposit costs, success in 2025 is predicated on the 2024 exit point, UBS argues.

"We continue to focus on the successful execution of our strategic plan, and that is reflected in our core performance," said John Turner, Chairman and CEO of Regions Financial Corp. Turner added, "Our results reflect the strength and diversity of our balance sheet, robust liquidity position, and proactive interest rate risk management practices. Our hedging strategies position us for success in a vast array of economic conditions and support our commitment to generating consistent, sustainable long-term performance as we once again generated top-quartile returns and a peer-leading net interest margin."

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here

180 Degree Capital (TURN) noted the filing of a proxy statement by comScore (SCOR) that includes Matthew McLaughlin as a nominee for election to SCOR's Board of Directors at its upcoming 2024 Annual Meeting of Stockholders. In conjunction with this filing, 180 Degree Capital formally withdrew its nomination of McLaughlin as well as its proposal to declassify SCOR's Board of Directors.

Reports Q1 CET1 capital ratio 12.01%. Reports Q1 net charge-offs .1%. "Today we reported first quarter earnings per share of $0.98," said Curtis Farmer, Comerica chairman and CEO. "Strategic rationalization efforts from 2023 and favorable pipeline trends position us for growth. Deposits outperformed normal seasonal patterns as we added new customers and expanded existing relationships while maintaining pricing discipline. Our liquidity strategy remained a highlight as we normalized our cash position, significantly reduced wholesale funding and successfully executed a record $1.0 billion debt issuance. We experienced ongoing, expected credit normalization, while net charge-offs of 10 basis points continued to be historically low. We are committed to running an efficient organization as we navigate expense pressures and execute on the action plans announced last quarter. Conservative capital management and lower loan balances further enhanced our capital position and drove our estimated CET1 ratio to 11.47, well above our 10% target."

Q1 EPS included an 8c per diluted share legal settlement expense, FDIC special assessment expense of 5c per diluted share and 3c per diluted share of restructuring expenses. Reports Q1 loan loss provision $19.0M vs. $19.0M for 4Q23. Q1 net charge-offs were $10.8M vs. $13.8M and $19.9M during 4Q23 and 1Q23, respectively. Tangible book value per share was $ 61.06 from $61.34 at previous quarter end. "We continue to leverage our unique balance sheet positioning and maturing product capabilities to build an enduring and valuable franchise," said Rob C. Holmes, CEO. "Quality quarterly growth in areas of focus coupled with strong firm-wide pipelines signal emerging momentum moving into Q2."

Reports Q1 revenue $537.73M, consensus $547.63M. An incremental $12.8M FDIC special assessment reduced first quarter reported and adjusted EPS by 7c. A $51M FDIC special assessment impacted fourth quarter 2023 reported and adjusted EPS by 26c. "Our first quarter results demonstrate tangible progress on our strategic priorities, including key commercial category loan and core deposit growth, client non-interest revenue growth and excellent operating expense control. We remain focused on raising the bar on service and deepening client relationships, all while building a more risk-resilient bank, which was evidenced by our highest common equity tier 1 capital ratios in several years and an over 30% decline in wholesale funding versus last year," said Synovus Chairman, CEO and President Kevin Blair.