Barclays Maintains an 'Equalweight' on M&T Bank (MTB); WL Off to a Good Start

Barclays maintains an 'Equalweight' on M&T Bank (NYSE: MTB), price target of $95.

Barclays analyst says, "Bottom-line: Reported results came in above both our expectation and consensus on investment securities gains and merger-related gains. While the inclusion of WL augmented linked quarter comparisons, organic loan growth appeared more tepid and additional merger charges, and further net interest margin compression, are expected in the back half of the year. Looking out, we expect WL to be additive to results as MTB benefits from the purchase of yet another troubled bank and additional details on the timing of its remaining TARP repayment should begin to emerge."

"Following 2Q11 results, we are raising our 2011 estimate of $6.16 to $7.05 to include the one-time gains in the quarter. Our 2H11 EPS estimate is relatively unchanged. We are increasing our 2012 EPS estimate by $0.20, to $7.10 with results expected to include a full year of WL and reflecting our new belief that it can repay TARP without raising fresh equity."

For more ratings news on M&T Bank click here and for the rating history of M&T Bank click here.

Shares of M&T Bank closed at $87.14 yesterday.

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