Jefferies Maintains a 'Hold' on M&T Bank (MTB); Estimates Reset on Lower Wilmington Run Rate
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Price: $238.25 -2.58%
Rating Summary:
12 Buy, 20 Hold, 3 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
12 Buy, 20 Hold, 3 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Jefferies maintains a 'Hold' on M&T Bank (NYSE: MTB) price target cut $10 to $76.
Jefferies analyst says, "Results missed the mark largely due to higher Wilmington expenses and lower market-related fees. This resets our pre-provision starting point before merger synergies, driving '12 and '13 EPS ests. to $6.50 and $6.70, respectively (from $7.30 and $7.65). We believe fundamentals will continue to outperform the group, but it will likely be a long road back to the low-50's efficiency MTB ran at pre-cycle."
"Our target multiple is 3 turns lower than the 16x seen between 2000 and 2008. This is more a function of lower multiples for the group overall, as we believe MTB's above-average ROE potential justifies a premium. Risks to our target include lower accretion from the WL merger and a higher-than-expected TARP raise."
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 $72.79 yesterday.
Jefferies analyst says, "Results missed the mark largely due to higher Wilmington expenses and lower market-related fees. This resets our pre-provision starting point before merger synergies, driving '12 and '13 EPS ests. to $6.50 and $6.70, respectively (from $7.30 and $7.65). We believe fundamentals will continue to outperform the group, but it will likely be a long road back to the low-50's efficiency MTB ran at pre-cycle."
"Our target multiple is 3 turns lower than the 16x seen between 2000 and 2008. This is more a function of lower multiples for the group overall, as we believe MTB's above-average ROE potential justifies a premium. Risks to our target include lower accretion from the WL merger and a higher-than-expected TARP raise."
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 $72.79 yesterday.
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