UPDATE: Jefferies Reiterates Hold Rating, Raises PT on M&T Bank

In a report published Wednesday, Jefferies & Company reiterated its Hold rating on M&T Bank Corporation

, and raised its price target from $90.00 to $93.00. Jefferies noted, “Core pre-provision income growth was robust, with strong contributions from loan growth, mortgage banking fees, trust income, and expense controls. We increase estimates ('12 to $7.00 from $6.80, '13 to $7.55 from $7.20) largely due to the better net interest income starting point, as the $14mm sequential step-up in accretion should be sustainable near-term. Target to $93 (from $90).” M&T Bank Corporation closed on Tuesday at $85.73.