Comerica downgraded to Market Perform from Outperform at Keefe Bruyette

Keefe Bruyette downgraded Comerica (CMA) to Market Perform from Outperform with a price target of $93, up from $73. The proposed merger with Fifth Third (FITB) is good for both sets of shareholders and has the potential to re-inject oxygen into the M&A trade for bank investors, which is supportive of multiples. The firm added that its increased price target reflects the merger exchange ratio and is consistent with how it values Fifth Third, though it lowered its rating to align with the Fifth Third rating.