Piper Sandler raised the firm’s price target on Comerica (CMA) to $82 from $70 and keeps a Neutral rating on the shares following the announced merger with Fifth Third Bancorp (FITB). The price target assumes the deal with Fifth Third trades at the implied share price. Piper’s prior valuation framework is less relevant now that Comerica is the target of a merger that it expects to be consummated.
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Read More on CMA:
- Comerica moved to No Rating at BofA after Fifth Third deal
- Fifth Third price target raised to $50 from $47 at Keefe Bruyette
- Fifth Third upgraded to Overweight from Equal Weight at Morgan Stanley
- Comerica upgraded to Equal Weight from Underweight at Morgan Stanley
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