M&T Bank downgraded to Market Perform from Outperform at Keefe Bruyette

Keefe Bruyette analyst David Konrad downgraded M&T Bank to Market Perform from Outperform with a price target of $180, down from $215. Following last quarter’s earning miss, M&T’s recent guidance suggests lower than expected net interest margin coupled with lower than expected fees, Konrad tells investors in a research note. The analyst believes further outperformance of the shares may be challenging "at this stage of the rate cycle."