D.A. Davidson downgrades Comerica to neutral on expectations that net interest income has peaked

D.A Davidson on Thursday cut its rating on financial services firm Comerica Inc. CMA, -1.91% to neutral from buy. Analyst Peter Winter said one main reason for the downgrade is that Comerica’s net interest income may peak in the fourth quarter, with some downside risk. He also cited deposit outflows that are “more than expected and will likely continue.” Winter reduced his fourth-quarter earnings estimate for Comerica to $2.72 a share from $2.86 a share and also cut his price target on the stock to $78 a share from $95 a share. Shares of Comerica fell 07% in premarket trades Thursday, after sliding 9% in regular trading on Wednesday.