UPDATE: Jefferies Reiterates Hold Rating, Lowers PT on M&T Bank Corporation on Lingering Uncertainty

In a report published Tuesday, Jefferies analyst Ken Usdin reiterated a Hold rating on M&T Bank Corporation

, but lowered the price target from $109.00 to $104.00. In the report, Usdin noted, “We lower our '13 est. (to $8.20 from $8.70) due to the HCBK deal delay. However, even with a later close (we assume 1/1/14), we still see upper single-digits EPS accretion in '14 (ex. merger charges). While we increase our '14 est. by a dime (to $8.85) due to better credit, we reduce our PT to $104 (from $109) on a lower target multiple. Due to regulatory uncertainty, we believe shares could be range-bound for the foreseeable future.” M&T Bank Corporation closed on Monday at $98.36.