Comerica Inc

CMA: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$11.00	Qlkxpj	Ghkbpxsmf

Comerica Earnings: Solid Quarter, but Loss of Direct Express Program a Negative

Rajiv Bhatia

Jul 19, 2024

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%.

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