UPDATE: Rafferty Capital Upgrades Comerica On Solid Earnings Results

In a report released Tuesday, Rafferty Capital Markets analyst Dick Bove upgraded Comerica (NYSE: CMA) from Hold to Buy with a price target increase from $50.50 to $59.00.

The Rafferty note is based on Comerica's Q2 2014 earnings release Tuesday. Analysts at Rafferty highlighted Comerica's loan growth, with industrial loans up 4.1 percent, construction loans up five percent and residual mortgage loans up 1.4 percent for the quarter. Comerica's loan growth is unique due to the fact that nearly two-thirds of its revenues come from net interest income.

Bove anticipates the EPS guidance given by management, raising its 2014 forecast from $3.03 to $3.18 per share, 2015 estimate raised from $3.34 to $3.46 per share and 2016 estimate raised from $3.82 to $3.85 per share.