M&T Bank price target raised to $208 from $190 at RBC Capital

RBC Capital raised the firm’s price target on M&T Bank to $208 from $190 and keeps an Outperform rating on the shares after its Q3 earnings beat. The bank’s business model “is not sexy or high-flying” but rather a “meat and potatoes” as installed by CEO Bob Wilmers over 30 years ago, the analyst tells investors in a research note. M&T Bank management knows that one of the key factors in creating long-term shareholder value is avoiding credit debacles, and the company does so by adhering to strong underwriting standards, the firm added.