Comerica price target raised to $82 from $70 at Piper Sandler

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.