Citi analyst Keith Horowitz upgraded M&T Bank to Buy from Neutral with a price target of $155, down from $178. The analyst stress tested U.S. bank models for a 50% decline in uninsured deposits, which Citi views as "very unlikely," and believes the stocks seem to be pricing in a slightly worse scenario. The firm upgraded M&T Bank saying the stock’s risk/reward "looks very appealing." It says M&T "was the most disciplined" with its excess cash during the period of low rates and has the strongest capital position of the regionals.
Published first on TheFly
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