ssured revenue growth, 2) higher losses associated with CFG's consumer oriented loan portfolio, and 3) a quicker than expected credit normalization. Comerica Incorporated (CMA) We use a three-factor valuation framework (P/E, P/TBV, DCF} to arrive at our $55 PO, and assign a 1.2x multiple to 2017E TBV (in line with the

& Company WEC WEC US Erika Najarian NEUTRAL Associated Banc-Corp ASB ASB US Ebrahim H. Poonawala Banc of California BANC BANC US Ebrahim H. Poonawala Comerica Incorporated CMA CMA US Erika Najarian Commerce Bancshares Inc. CBSH CBSH US Ebrahim H. Poonawala Fifth Third Bank FITB FITB US Erika Najarian First Bancorp Puert