FBR Capital Resumes M&T Bank (MTB) with an Underperform
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FBR Capital resumes coverage of M&T Bank Corporation (NYSE: MTB) with an Underperform rating, and raised their price target from $30 to $35.
The firm said, "We expect M&T's loan portfolios to perform better than peers but, given our macro outlook, our loss estimates remain well above consensus' or management's expectations." The firm also said valuation is too rich.
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MTB
Skeptic on Jun 23, 2009 11:51 AMYeah, we know how good the analysts have been in predicting financial performance in the banking sector. They missed the entire mortgage disaster that took place, although widespread unsound lending practices and voodoo based packaging of securities should have attracted their attention. Just like weathermen though, who are wrong in their predictions at least 50% of the time. they continue spouting predictions in spite of their spotty records.