DA Davidson analyst Peter Winter lowered the firm’s price target on M&T Bank to $138 from $141 and keeps a Neutral rating on the shares. The company’s Q1 results were "solid", and while its preprovision net revenue decreased 8% sequentially to $1.05B due to seasonal factors, it was above the firm’s forecast of $1.04B, the analyst tells investors in a research note. The firm adds that while the FY23 average deposits are expected to be down low single digits for M&T Bank, the recent bank failures was a net positive for the company as they added net new clients and accounts.
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Published first on TheFly
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