UPDATE: Baird Upgrades M&T Bank (MTB) to Outperform
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(Updated - October 23, 2018 9:03 AM EDT)
(updated to add analyst comment)
Baird analyst David George upgraded M&T Bank (NYSE: MTB) from Neutral to Outperform with a price target of $185.00 (from $180.00).
The analyst comments "Absolute valuation appears compelling with MTB trading at ~10x 2020 EPS (~25% discount to the historical forward multiple), and shares trade at just a ~5% premium to large-cap regional peers (vs. the historical ~17% relative premium). MTB’s focus on risk-adjusted returns and lower credit risk profile should be rewarded in a more challenging, late-cycle operating environment. We are buyers."
Shares of M&T Bank closed at $158.00 yesterday.
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