Wedbush Starts M&T Bank (MTB) at Neutral

October 7, 2016 6:56 AM EDT
Get Alerts MTB Hot Sheet
Price: $156.07 --0%

Rating Summary:
    6 Buy, 17 Hold, 4 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 29 | Down: 28 | New: 6
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Wedbush initiates coverage on M&T Bank (NYSE: MTB) with a Neutral rating and a price target of $117.00.

Analyst Peter Winter commented, "We believe MTB is fairly valued as it’s trading at a 15% premium to its regional bank peers. In our view, MTB deserves the premium given its low-risk balance sheet and above-average profitability metrics. However, further multiple expansion could be challenging given some near-term earnings headwinds from the conversion of its latest acquisition Hudson City (HCBK) from a thrift into a commercial bank. Longer term we believe this will be a very good acquisition as it significantly strengthens MTB’s presence in the high-growth metro NYC/NJ area."

For an analyst ratings summary and ratings history on M&T Bank click here. For more ratings news on M&T Bank click here.

Shares of M&T Bank closed at $118.34 yesterday.

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