Comerica price target lowered to $48 from $52 at Wells Fargo

Wells Fargo lowered the firm’s price target on Comerica to $48 from $52 and keeps an Underweight rating on the shares. The new regulatory agreement between the OCC and Comerica Bank reinforces the firm’s view that Comerica is structurally challenged in an industry where increasingly “Goliath is Winning,” the analyst tells investors in a research note. While no monetary penalty is mentioned, failure to satisfy the agreement could subject Comerica to additional enforcement actions by the OCC and expense, which could create a downward bias to consensus estimates, Wells says.