KBW Lowers CMA Target To $42 From $44

Comerica (NYSE: CMA) beat consensus by $0.23 due to improved asset quality & announced the acquisition of SBIB for $1.0B ($10.00/sh), representing 3.9x adjusted SBIB TBV, KBW reports.

“We are raising our '11 EPS estimate $0.15 reflecting CMA's newly issued guidance, but lowering our '12 EPS estimate by $0.39 to $2.76, largely reflecting a reduced share buyback estimate, & lowering our PT $2 to $42.”

Comerica closed Tuesday at $38.74.