Jefferies Maintains a 'Hold' on M&T Bank (MTB); Hudson City (HCBK) Deal Nicely Accretive

Jefferies maintains a 'Hold' on M&T Bank (NYSE: MTB) price target of $96.00 (from $93.00).

Analyst, Ken Usdin, said, "We like the Hudson City (Nasdaq: HCBK)(NotCovered) deal from a financial perspective, as it serves as an earnings accretive capital raise. We estimate a 50bp jump in Basel I/Basel III Tier 1 common and a 7% increase in '13 EPS (ex. merger charges). We are slightly less enthusiastic about the strategic fit (thrifts garner lower multiples, deal dampens asset sensitivity, significant run-off to overcome), but overall, we view the deal positively."

Raising FY13 EPS estimate from $7.45 to $8.00.

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 $89.82 yesterday.

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