UPDATE: Goldman Sachs Upgrades M&T Bank; Raises Price Target

by Eric Niederer, Benzinga Staff Writer

May 12, 2014 12:32 PM | 1 min read | Make a Comment

In a note dated May 11th Goldman Sachs analyst Ryan Nash upgraded M&T Bank Corporation from Neutral to Buy and raised the price target from $128 to $145. Nash outlined three catalysts that he believes could drive shares higher

Higher HCBK EPS accretion: Nash sees accretion above "high-single digit" guidance; believes HCBK could add 13 percent to MTB's core earnings.
Expenses declines coming post Q3: Advances on its BSA/AML program along with continuous improvements should bring M&T toward its year-end efficiency ratio target of 50-55 percent.

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