M&T Bank price target lowered to $160 from $175 at RBC Capital

RBC Capital analyst Gerard Cassidy lowered the firm’s price target on M&T Bank to $160 from $175 but keeps an Outperform rating on the shares. The analyst cites the bank’s revised outlook reflecting higher than expected operating expenses as well as a $183M non-recurring expense from FDIC special assessment. RBC is also cutting its FY23 and FY24 EPS view to $15.79 and $15.94 from $15.96 and $16.17, respectively, though it remains positive on the company’s strong balance sheet, superior underwriting, and best-in-class management.