M&T Bank price target lowered to $225 from $235 at Morgan Stanley

Morgan Stanley analyst Manan Gosalia lowered the firm’s price target on M&T Bank to $225 from $235 and keeps an Overweight rating on the shares. Gosalia and fellow analyst Betsy Graseck said bank management comments last week show that their thesis for accelerating deposit costs is playing out, but even faster than they’d anticipated, leading them to take down EPS estimates by a median 2% for Q4.