Comerica Inc

CMA: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$39.00	Qysrht	Nwbywhh

Comerica Earnings: Decent Quarter but Net Interest Income Outlook a Bit Soft

Rajiv Bhatia

Jan 19, 2024

Narrow-moat-rated Comerica reported a decent fourth quarter, in our view. With many moving parts such as the preannounced charges related to the discontinuation of the Bloomberg Short-Term Bank Yield index, or BSBY, elevated restructuring charges, and FDIC assessment charges, we note that consensus estimates may not offer meaningful comparisons with actual results. In our view, the firm’s net interest income outlook was a touch soft as deposit costs continue to rise. Overall, we will maintain our fair value estimate of $73 on Comerica’s shares and regard shares as undervalued.

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