M&T Bank price target raised to $225 from $187 at Argus

Argus raised the firm’s price target on M&T Bank to $225 from $187 and keeps a Buy rating on the shares. The firm cites the company’s Q3 earnings beat and resumption of buybacks while noting that the bank’s average loans were up 2% year over year as consumer and commercial/industrial loans showed gains, the analyst tells investors in a research note. The People’s United Financial merger should also provide long-term advantages, and the stock’s current multiple of 13.5-times does not adequately reflect the company’s current outlook, Argus added.