Argus analyst Stephen Biggar upgraded M&T Bank (MTB) to Buy from Hold with a $150 price target following Q1 earnings that the firm says "reflected sharply higher revenues following the integration of Peoples United." The firm lowered its 2023 and 2024 EPS estimates to reflect higher deposit costs and loan loss provisioning, but contends that recent share price weakness following the Silicon Valley Bank (SIVB) failure that "spooked regional bank investors" presents "an attractive entry point" into M&T.
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