Comerica price target lowered to $56 from $58 at RBC Capital

RBC Capital analyst Jon Arfstrom lowered the firm’s price target on Comerica to $56 from $58 and keeps an Outperform rating on the shares after its Q2 earnings beat. The company saw “decent” trends in the quarter, but its management tempered expectations for net interest income, the analyst tells investors in a research note. RBC further notes that while Comerica management remains optimistic on driving loan growth in the second half of 2024 and driving an inflection in core spread revenues, the potential loss of the Direct Express program is a headwind to the 2025 outlook.