NEW YORK -- Solomon Brothers Inc. cut its rating on Comerica Inc.'s stock to "hold" from "buy."
In a research summary, Salomon said that it expects the Detroit-based company "not to demonstrate material reductions in noninterest expenses in 1994" and that the best-case scenario will be for limited expense growth.
The brokerage firm also said it believes that the company's pursuit of acquisitions outside Michigan has "taken management's eye off the ball."
Meanwhile, Prudential Securities raised its rating on Citicorp to "buy" from "hold," a contact at the firm said.
