M&T Bank price target lowered to $210 from $220 at Piper Sandler

Piper Sandler lowered the firm’s price target on M&T Bank to $210 from $220 and keeps an Overweight rating on the shares following quarterly results. While fees were weaker, this reflected the lack of a Bayview distribution in the quarter as opposed to core run-rate weakness and management continues to guide toward the high end of the range on fees. The only change to full year guide was a slight tick down in net interest income, which was not surprising as consensus had already moved there, the firm says. Positive trends included a continued focus on expense management and positive operating leverage as well as relatively strong buyback activity, adds Piper.