Wells Fargo Starts M&T Bank (MTB) at Market Perform; Superior Execution And Returns Reflected In The Share Price

Wells Fargo initiates coverage on M&T Bank (NYSE: MTB) with a Market Perform. PT range $79-$82.00.

Wells analyst says, "Our 2011 and 2012 EPS estimates are $6.60 and $6.75, respectively. While MTB has maintained an impressive level of returns despite challenging economic conditions since 2007, we believe MTB's current valuation of 2.1x TBV and 11.9x 2012E EPS adequately reflects the firm's superior return generation (19% ROTCE in 2012E) and below-peer volatility, particularly in light of the firm's weaker anticipated growth outlook (we anticipate a 6.3% core EPS growth CAGR through 2013) partly due to below-peer provision leverage."

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 $81.45 yesterday.

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