Comerica Inc
CMA: XNYS (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$79.00 | Ztgfn | Pbvmbjm |
Comerica Earnings: Solid Quarter, but Loss of Direct Express Program a Negative
Comerica reported decent second-quarter results. Its outlook for the full year softened slightly, but the big news is that the US government does not intend to renew Comerica's contract for Direct Express, a prepaid debit card program for certain recipients to receive federal payments. As we tweak our model, we expect to reduce our $73 fair value estimate by 5%-15%.