Bank of America Reiterates Buy, $83 Target on M&T Bank

Bank of America maintains its Buy rating and $83 target on M&T Bank Corp. (NYSE: MTB) and lowers 4Q11 estimate 8% to $1.43 on higher expenses.BofA says, “There has been a lot of confusion among investors on MTB's 4Q11 expense outlook, mostly surrounding the level of synergies that could be realized this quarter from its WL deal. Based on a recent conversation with the company, we are lowering our 4Q11 estimate to $1.43 from $1.55 on higher expenses (+$20mn from previous estimate), as we believe we had previously been too aggressive on our synergy realization estimate. We are now 9% below consensus, and believe the Street is likely over-estimating 4Q11 cost saves from WL (as we had been).”MTB closed at $75.09 per share on Tuesday.