Comerica downgraded to Market Perform from Outperform at Raymond James

Raymond James analyst Michael Rose downgraded Comerica (CMA) to Market Perform from Outperform without a price target ahead of the Q2 earnings. Raymond James sees risk-reward as balanced and Comerica’s valuation as fair in light of below-peer projected loan growth and profitability, a roll-off Direct Express deposits in coming years, and a lack of fundamental catalysts, though its capital and liquidity position is solid, the analyst tells investors in a research note. The firm sees a nearer-term sale of the company as less than likely as management has posited a path of independence.