Keefe, Bruyette & Woods Raises Estimates And Price Target For Comerica Incorporated (CMA)

Analysts Brian Klock and Arran Jacobson at Keefe, Bruyette & Woods have released an update on Comerica Incorporated (NYSE: CMA). The company reported its first-quarter results on Wednesday.

Comerica reported strong first-quarter results, which were ahead of analysts’ estimate. The upside was due to lower provisions and NIM improvement, according to analysts.

Following the first-quarter results, analysts have raised their estimates and price target for the company. For 2010, it is now expected that the company will make a profit of $0.20 per share, compared with prior estimate of a loss of $0.54 per share, while for 2011, profit estimate has been raised from $2 per share to $2.45 per share. The price target for the company has been raised from $38 to $47.

Analyst at Keefe, Bruyette & Woods have maintained their Market Perform rating for Comerica Incorporated.