BofA analyst Ebrahim Poonawala raised the firm’s price target on M&T Bank to $145 from $141 and keeps a Buy rating on the shares. The firm believes that the 20% year-to-date decline in the stock coming into yesterday’s report had "discounted downward NII revision" and that yesterday’s update "likely came as a relief," while increased transparency on the commercial real estate portfolio also likely alleviated some concern tied to that exposure. While cautious on the outlook for bank stocks given looming recession prospects, the firm views M&T as offering an "attractive relative risk/reward," the analyst added.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on MTB:
- M&T Bank Corporation Announces Series H Preferred Stock Quarterly Dividend
- M&T Bank outperforming on credit, says RBC Capital
- Deposits Declined for MTB, STT, and SCHW; Is Trouble Ahead?
- M&T Bank price target lowered to $138 from $141 at DA Davidson
- M&T Bank price target lowered to $145 from $155 at Wells Fargo