UPDATE: Oppenheimer Upgrades Comerica to Outperform

Oppenheimer is out with its report today on Comerica (NYSE: CMA), upgrading CMA from Perform to Outperform.

In a note to clients, Oppenheimer writes, "We are upgrading our investment opinion on Comerica to Outperform from Perform with a price target of $43 per share, or a potential return of 23%. The relative underperformance in price this year is a function of both the Sterling Banc acquisition and recent earnings trends. In our view, Comerica's commercial-focused business model is positioned for asset growth while the company's profitability metrics should increase once interest rates move higher. It should also be mentioned that Comerica has limited exposure to the residential mortgage market."

At the time of posting, shares of CMA were trading pre-market at $35.60, up 1.25% from Wednesday's close.