Equity Analysis /
United States of America

US : Comerica Inc. - CMA | 4Q20 First Look: Reserve Release Fuels EPS Upside; PTPPI Beats

    Contributors
    Joseph Yanchunis
    Carl-Harry Doirin
    CGS-CIMB
    19 January 2021
    Published byCGS-CIMB

    Event: Comerica reported 4Q20 EPS of $1.49, above our estimate and consensus of $1.19 (range: $1.03 - $1.36). Stronger revenue (both net interest income and fee revenue) and a net reserve release more than offset higher noninterest expenses vs. our model.Key positives: The NIM/net interest income w