Comerica Inc
CMA: XNYS (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$21.00 | Bktvzt | Tsqvjgvdd |
Comerica Earnings: Net Interest Income Run Rate Looks a Bit Worse Than We Expected
Narrow-moat-rated Comerica reported decent third-quarter results on the surface. It largely met or exceeded expectations as reported earnings per share of $1.84 beat FactSet consensus of $1.69 and our own estimate of $1.59. However, the beat was largely driven by lower provisioning, and while the bank maintained its full-year outlook for net interest income, the implied run rate for 2024 is a bit worse than we had expected.