M&T Bank price target lowered to $132 from $138 at DA Davidson

DA Davidson analyst Peter Winter lowered the firm’s price target on M&T Bank to $132 from $138 and keeps a Neutral rating on the shares. The analyst cites the company’s mid-quarter update and “very detailed guidance” calling for net interest income to come under more pressure than April’s guidance owing to higher deposit and wholesale funding costs, with deposit outflows also accelerating through May. The firm also lowers its projected FY23 EPS view on M&T Bank to $15.87 from $17.02 and its FY24 view to $15.66 from $16.81.