M&T Bank assumed with an Overweight at Morgan Stanley

Morgan Stanley analyst Manan Gosalia assumed coverage of M&T Bank with an Overweight rating and price target of $235, up from $220, as he initiated coverage of 12 midcap banks and took over coverage of several others. Gosalia prefers to be positioned in names that are best-equipped to manage the headwinds from tightening liquidity conditions as rates rise, and has Underweight ratings on three that will seethe most funding pressure due to idiosyncratic factors, the analyst tells investors.