Odeon downgrades Comerica to Hold with bank on ‘wrong side of the cycle’

As previously reported, Odeon Capital downgraded Comerica to Hold from Buy with a $46 price target, contending that Comerica is “on the wrong side of the cycle.” Non-interest-bearing deposits are leaving the bank, margins are under pressure and new capital rules under discussion may force the bank to raise equity, if put into effect, the analyst tells investors. Given all these issues, the stock is “not ready to be bought yet,” the analyst added.