It may be time to buy Comerica after its recent stock underperformance, according to Raymond James. Analyst Michael Rose upgraded shares to outperform from market perform. The analyst also has a price target of $85 per share on the financial services stock, which represents upside of roughly 21.6% from Friday’s close of $69.90 “We are upgrading CMA shares to Outperform and establishing an $85 price target following the recent selloff in the stock post earnings juxtaposed with its relatively solid fundamental positioning heading into a potential recession,” Rose wrote in a Monday note. Shares of Comerica outperformed in 2021, and started underperforming the S & P 500 when the Federal Reserve kicked off its rate hiking cycle this year. In 2022, however, they’re down 19.7%, while the broader market index is off by 16.8%. The stock also dropped 9% on Oct. 19, after the company posted its third-quarter results and when management suggested a sooner-than-expected peak in net interest income and net interest margins (NII/NIM). Net interest income is the difference a bank earns between its income from lending activities and the interest it pays customers. Still, the stock is a buy at current levels, as it is underperforming its peers, and could bolster portfolios when the Federal Reserve pivots from its aggressive rate hiking path, according to the analyst. “While none of this is surprising in our eyes (as we see a similar dynamic for the majority of peers/the industry), we see its strong capital/liquidity position, density in both attractive/stable markets, historically strong asset quality, and hedging strategy providing downside NIM/NII protection if/ when the Fed pivots coupled with an attractive relative valuation to peers vs. history as presenting an attractive entry point at current levels,” Rose wrote. “In turn, we now view risk-reward positively,” he added. —CNBC’s Michael Bloom contributed to this report.