Comerica’s Losses Fall, NIM Expands In Q1

Analysts at Robert W Baird maintain their "neutral" rating on Comerica, Inc (NYSE: CMA). The target price for CMA is set to $35.

Comerica’s first quarter losses were lower than the estimates and the consensus. CMA’s “Q1 results were negatively impacted by $123 million in TARP related costs/dividends in the quarter. CMA actually earned $35 million on a continuing operating basis and had $2 million of securities gains. On a core basis, results were notably better than expectations," according to Robert W Baird. While spread income rose due to NIM expansion, most fee income lines were flattish in Q1.

Meanwhile CMA’s credit stabilized and losses declined from Q4. “While expectations weren’t low going into Q1, CMA’s quarter was solid, given the environment. CMA also increased NIM guidance 10 bps and credit guidance as well,” the analysts say.

More Analyst Ratings here.