M&T Bank (MTB) PT Raised to $235 at DA Davidson

DA Davidson analyst Peter Winter raised the price target on M&T Bank (NYSE: MTB) to $235.00 (from $233.00) while maintaining a Neutral rating.

The analyst commented: "Net interest income (NII) starting off lower than expected, and MTB expects NII to come in at bottom half $7.2B to $7.35B range and lowered the margin to high 3.60's (was low 3.70's). However, given the improvement in credit trends, MTB lowered its CET1 target to a range of 10.0% to 10.5% (was 10.25% - 10.5%) vs. 10.33% in 1Q, thus we expect MTB will remain aggressive with share repurchases as a partial offset to NII. Credit continues to be a bright spot reflecting a substantial decline in NCOs and continued decline in criticized loans. Maintain NEUTRAL, and raising our PT to $235 (was $233)."

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