Deutsche Bank analyst Matt O’Connor downgraded M&T Bank to Hold from Buy with a $145 price target. Given its strong relative stock performance year-to-date and in 2022, further meaningful outperformance in the near- to medium-term “seems unlikely,” argues the analyst, who expects weakening earnings trends driven by lower revenue, modestly higher costs, higher credit costs and fewer, if any, stock buybacks. Given these headwinds, the firm is cutting its 2024 EPS estimate by 10%.
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