Comerica Inc

CMA: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$34.00	Cznymbl	Hnbzxftm

Comerica Earnings: Net Interest Income Run Rate Looks a Bit Worse Than We Expected

Eric Compton

Oct 20, 2023

Narrow-moat-rated Comerica reported decent third-quarter results on the surface. It largely met or exceeded expectations as reported earnings per share of $1.84 beat FactSet consensus of $1.69 and our own estimate of $1.59. However, the beat was largely driven by lower provisioning, and while the bank maintained its full-year outlook for net interest income, the implied run rate for 2024 is a bit worse than we had expected.

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