M&T Bank (MTB) PT Raised to $220 at RBC Capital

RBC Capital analyst Gerald Cassidy raised the price target on M&T Bank (NYSE: MTB) to $220.00 (from $210.00) while maintaining an Outperform rating.

The analyst commented: "Motherhood, Apple Pie and M&T Bank Corporation; The beauty of MTB's business model is it is not sexy or highflying but rather a “meat and potatoes” bank. This culture was instilled by legendary CEO Bob Wilmers 30+ years ago and is carried on by CEO Rene Jones. MTB “through-the-cycle” outperforms on credit, which is increasingly a topic of conversation among investors given the uncertain economic and geopolitical environment. Management knows in order to create long-term shareholder value, it must avoid credit debacles by adhering to strong underwriting standards. Also, MTB is adroit at managing its capital which, over the years, has enhanced shareholder returns."

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