UPDATE: Jefferies Reiterates Hold Rating, Raises PT on M&T Bank Corporation Following Raised Estimates

In a report published Thursday, Jefferies analyst Ken Usdin reiterated a Hold rating on M&T Bank Corporation MTB, and raised the price target from $115.00 to $118.00. In the report, Jefferies noted, “We increase our '14 estimate to $9.15 from $8.85 (ex. merger charges). Positive deltas in our model include a more stable NIM (supported by higher accretable yield) and a better fee run-rate. Trading at 13x next year's estimate, MTB screens fairly inexpensive by historical standards, but uncertainties surrounding timing of the Hudson City acquisition keep us on the sidelines for now. Price target to $118 (from $115).” M&T Bank Corporation closed on Wednesday at $117.59.