Comerica Delivering The Growth, But Not Cheaply

It's hard to call Comerica (CMA) cheap, but bank investors want growth, and this very asset-sensitive, C&I-focused lender is likely to produce a lot of it in the coming years relative to its peers. Although I don't really expect superior loan growth from Comerica, the combination of higher net interest margins, higher fee income, better expense leverage, benign credit, and lower taxes can be a powerful one, and Comerica should generate attractive growth in the coming years (with a big jump between 2017 and 2018). Even though I understand that investors will pay up for growth, I struggle to understand paying such a high premium for Comerica, and there are several other banks I'd consider before this one at today's prices.

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Comerica Delivering The Growth, But Not Cheaply