M&T Bank price target raised to $190 from $164 at Piper Sandler

Piper Sandler raised the firm’s price target on M&T Bank to $190 from $164 and keeps an Overweight rating on the shares following quarterly results. The firm notes the beat was largely driven by revenues, split between fees and net interest income. Updated full year guide results in a modest tick up in earnings power and importantly M&T announced the resumption of share repurchases in the second half of 2024. Despite the strong results and a historic 1-1.5-times premium the bank still trades at a modest discount to peers, and Piper continues to look at shares as attractive.