Barclays analyst Jason Goldberg maintains Comerica (NYSE:CMA) with a Underweight and lowers the price target from $52 to $49.
Barclays lowers Comerica (NYSE:CMA) price target from $52 to $49 Read Post »
Comerica (NYSE:CMA) reported quarterly earnings of $1.84 per share. This is a 29.23 percent decrease over earnings of $2.60 per share from the same period last year. The company reported quarterly sales of $896.00 million which beat the analyst consensus estimate of $878.71 million by 1.97 percent. This is a 9.04 percent decrease over sales of $985.00 million the same period last year.
Comerica Q3 GAAP EPS $1.84 Vs $2.60 Prior Year, Sales $896.00M Beat $878.71M Estimate Read Post »
CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We decrease our 12-month target price by $3 to $35, 5.8x our 2024 EPS estimate, a discount to CMA’s five-year forward P/E average of 11.5x given elevated funding pressure. We increase our 2023 EPS estimate by $0.16 to $7.79 and lower 2024’s by $0.09 to $6.02. CMA posted Q3 EPS of $1.84 versus $2.60 a year ago, $0.14 above consensus. Net interest income fell 3% Q/Q as the bank’s net interest margin compressed 9 bps to 2.84%. After six straight quarters of sequential deposit outflows, balances rebounded with 2% Q/Q growth. However, noninterest-bearing balances fell 5% and we expect continued pressure as clients continue to search for yield in today’s high-rate environment. Credit quality continued to impress with nonperforming assets falling 4 bps to 0.29%. Capital levels
CFRA Keeps Sell Opinion On Shares Of Comerica Incorporated Read Post »
CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We see BX facing a moderating outlook, with higher-for-longer rates impacting fee earnings, fundraising, and investment realizations. Using a narrower risk premium, we lower our target by $18 to $107 on a forward P/E of 18.8x, in line with the five-year historic average at 18.7x. Based on distributed earnings, we lower our EPS estimates in 2023 by $0.40 to $4.00 and ’24’s by $0.35 to $5.70, both below the consensus. BX posted Q3 2023 EPS of $0.94, a $0.10 earnings miss. Revenue declined 10% Y/Y in Q3 2023. We see total revenue of $10.85B in 2023 and $14.2B in 2024. For industry-realized financial metrics, performance revenues were -28% Y/Y, performance compensation -35%, and principal investment income -60%. Fund net inflows were only +$25B with the largest contributors
CFRA Lowers Opinion On Shares Of Blackstone, Inc. To Hold From Buy Read Post »
CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We increase our target by $1 to $8, 6.6x our 2024 EPS estimate, below KEY’s five-year forward P/E average of 10.1x given a severely dampened earnings outlook. We increase our 2023 EPS estimate by $0.04 to $1.14 and raise 2024’s by $0.07 to $1.21. KEY posted Q3 EPS of $0.29 versus $0.55 a year ago, $0.02 above consensus. Net interest income (-6% Q/Q) continued its downward plunge with Q3 2023’s $923 million marking the lowest level in seven years. Given KEY is looking to increase capital (CET1 ratio jumped 50 bps to 9.8%), we saw loan balance drop 3%, with business loans (-4%) showing particular weakness. While interest rates surged in the quarter, KEY saw its AOCI losses rise 10% to $6.6 billion (81% of KEY’s tangible
CFRA Keeps Strong Sell Opinion On Shares Of Keycorp Read Post »
JPMorgan analyst Michael Cho maintains Nasdaq (NASDAQ:NDAQ) with a Overweight and raises the price target from $62 to $63.
JPMorgan raises Nasdaq (NASDAQ:NDAQ) price target from $62 to $63 Read Post »
CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We decrease our 12-month target price by $1 to $30, 8.6x our 2024 EPS estimate, below TFC’s five-year forward P/E average of 11.0x, given weaker credit quality expectations. We raise our 2023 EPS estimate by $0.05 to $3.76 and increase 2024’s by $0.03 to $3.50. TFC posted adjusted Q3 EPS of $0.84 vs. $1.24 a year ago, $0.01 above consensus. Net interest income (-2% Q/Q) degradation slowed in the quarter as the bank saw 4 bps of improvement in its net interest margin. However, balance sheet optimization led to a 3% decline in loan balances as results reflect the sale of the bank’s student loan portfolio and a 6% drop in indirect auto. As a result, TFC saw a boost to its capital ratios (CET1 ratio +30
CFRA Maintains Hold Opinion On Shares Of Truist Financial Corporation Read Post »
CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We lift our 12-month target price by $5 to $200, valuing MMC shares at 23.3x our 2024 EPS estimate of $8.60 (upped by $0.20) and at 21.2x our 2025 EPS estimate of $9.45 (raised by $0.15), versus its five-year average forward multiple of 22.4x and the peer average of 21.2x. We increase our 2023 EPS estimate by $0.25 to $7.95 after Q3 EPS of $1.57 versus $1.18 topped our $1.38 EPS estimate and the $1.39 consensus view on 10% higher revenues and wider operating margins. We lift our 2023 revenue forecast to growth of 10%-14% after YTD revenues rose 12%. We also raise our 2024 revenue forecast to 8%-12% (from 7%-10), as MMC continues to benefit from a strong insurance pricing environment and the lack of any
CFRA Keeps Hold Opinion On Shares Of Marsh & Mclennan Companies, Inc. Read Post »
Blackstone (NYSE:BX) reported quarterly earnings of $0.94 per share which missed the analyst consensus estimate of $1.01 by 6.93 percent. This is a 11.32 percent decrease over earnings of $1.06 per share from the same period last year. The company reported quarterly sales of $2.32 billion which missed the analyst consensus estimate of $2.51 billion by 7.49 percent. This is a 10.42 percent decrease over sales of $2.59 billion the same period last year.
Blackstone (BX) reported Q3 distributable earnings Thursday of $0.94 per share, down from $1.06 a year earlier. Analysts polled by Capital IQ expected $1.02 per share. Total revenue for the quarter ended Sept. 30 was $2.54 billion, up from $1.06 billion a year earlier. Two analysts surveyed by Capital IQ expected $2.58 billion. The company said it raised its quarterly dividend to $0.80 per share from $0.79, payable on Nov. 6 to shareholders as of Oct. 30.
Oppenheimer analyst Chris Kotowski maintains Goldman Sachs Gr (NYSE:GS) with a Outperform and lowers the price target from $450 to $447.
Oppenheimer lowers Goldman Sachs (NYSE:GS) price target from $450 to $447 Read Post »
Oppenheimer analyst Chris Kotowski maintains Morgan Stanley (NYSE:MS) with a Outperform and lowers the price target from $100 to $98.
Oppenheimer lowers Morgan Stanley (NYSE:MS) price target from $100 to $98 Read Post »