M&T Bank price target raised to $243 from $205 at Piper Sandler

Piper Sandler raised the firm’s price target on M&T Bank to $243 from $205 and keeps an Overweight rating on the shares. The firm is updating its earnings model to reflect modestly higher loan growth expectations and lower credit costs given an improved macro environment. With the adjustment to its model, Piper is also updating its price target to reflect both the increased estimates as well as much higher peer valuations post-election.