DA Davidson analyst Peter Winter initiated coverage of M&T Bank with a Neutral rating and $160 price target. M&T has a strong franchise, but with the Dodd-Frank Act post the financial crisis leveling the playing field, regional banks "have caught up," Winter tells investors. In addition, M&T "has not fared well in DFAST tests" given significant commercial real estate concentration, credit metrics have fallen below peers and most recently it missed guidance in the past two quarters, Winter added.
Published first on TheFly
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