Wolfe Research upgraded M&T Bank to Outperform from Peer Perform with a $210 price target The firm upgraded the mid-cap bank sector to Overweight, saying despite “still elevated” macro uncertainty, it is “incrementally more bullish” on the fundamental outlook for the mid-cap banks than it has been in years. Wolfe believes were are on the verge of starting a new positive revision cycle and views the risk/reward outlook across its coverage as compelling. M&T Bank “is on the cusp” of a new positive revision cycle and its peer-leading net interest margin, positive operating leverage, improving credit, and capital optionality will drive alpha, the analyst tells investors in a research note.
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