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Bank of America maintains its Buy rating and $83 target on M&T Bank Corp.
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.
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