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UPDATE: Credit Suisse Reiterates Neutral Rating, Raises PT on M&T Bank

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Keefe Bruyette & Woods Upgrades M&T Bank To Outperform
UPDATE: Keefe, Bruyette & Woods Upgrades M&T Bank To Reflect 2Q14 Beat

In a report published Wednesday, Credit Suisse Group reiterated its Neutral rating on M&T Bank Corporation (NYSE: MTB), and raised its price target from $91.00 to $96.00.

Credit Suisse noted, “MTB reported an operating earnings beat driven by net interest income, fee income, and expense mgmt. (only the provision missed): GAAP EPS of $1.71 included $0.12 of net negative items. We estimate operating EPS of $1.83, which was $0.15 above our estimate and the consensus...Raising 3Q12 / 2013 EPS to $1.90 / $7.90 from $1.71 / $7.40 due to higher fee income and better expense mgmt. We are raising our 2012/2014 EPS estimates to $7.25/$8.80 (from $6.70/$8.30). Additionally, we increased our LT NIM outlook for MTB. Our TP is increasing to $96 (11x '14 EPS) from $91.”

M&T Bank Corporation closed on Tuesday at $85.73.

Posted-In: Credit Suisse GroupAnalyst Color Price Target Analyst Ratings

 

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