M&T Bank upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded M&T Bank to Overweight from Neutral with a price target of $215, up from $183, after meeting with management. Over the next several quarters, investors fears over credit and declining net interest margin will “erode considerably” with the end result being a potential sharp outperformance of M&T shares “as the stock heads in the direction of recovering its former wide premium valuation relative to peers,” the analyst tells investors in a research note. The firm says that once the company is able to demonstrate a stable net interest margin in the backdrop of reduced short-term rates while its credit metrics are concurrently improving, “this will quickly set the stage for bottom-line EPS expectations to improve.”