Wedbush Starts M&T Bank (MTB) at Neutral
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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."
Shares of M&T Bank closed at $118.34 yesterday.
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