As previously reported, Wells Fargo downgraded M&T Bank to Underweight from Equal Weight with a price target of $165, down from $170. The bank has an above average earnings multiple even though it is more exposed to lower interest rates given its position as a “more plain vanilla, net interest income-oriented bank”, the analyst tells investors in a research note. The firm further cites M&T’s commercial real estate exposure being twice the size of peers while noting that the company operates in one of the slowest growing bank footprints.
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