UPDATE: Credit Suisse Upgrades M&T Bank to Outperform

Credit Suisse published a research report on M&T Bank Corporation

and upgraded the company from Neutral to Outperform. In the report, Credit Suisse wrote, "Upgrading MTB to Outperform (from Neutral): We believe MTB's current valuation and consensus estimates are still not fully reflecting the EPS/TBV benefits from the HCBK acquisition. Additionally, MTB may complete additional accretive acquisitions over the next few years. We estimate 7% upside to 2014 consensus EPS before additional deals, but expect another transaction could drive up LT EPS by an additional 3-10%. Two drivers of our higher EPS are a significant reduction in FDIC assessment expenses at HCBK and increased mortgage banking revenues. Lastly, while MTB has outperformed recently (up 4% over the past 3 months vs. super regional peers), it has underperformed vs. peers over the last year (down 13% relatively), and we forecast ~15% outperformance vs. peers over the next twelve months." Credit Suisse also raised the price target from $102 to $109 on M&T Bank, which is currently trading up 1.42 percent from Tuesday's $96.98 closing price.