M&T Bank downgraded to Neutral from Buy at Citi

Citi downgraded M&T Bank to Neutral from Buy with a price target of $230, up from $220. M&T has been one the best year-to-date performers as its core results have been strong and the bank has shown consistent improvement in credit, enabling management “to turn buybacks back on,” the analyst tells investors in a research note. The firm says that while buybacks will continue to accelerate and M&T Bank’s credit will improve, the “multiple revaluation story seems to be in the late innings and with limited upside” in 2026. As such, it prefers other names at current valuation levels.