UPDATE: Bank of America Raises M&T Bank's PT

According to a research report published earlier today, Bank of America has increased M&T Bank's

PT from $87 to $88. In the report, Bank of America commented, "We maintain our Neutral rating, modestly raise our estimates and increase our PO by $1 to $88. MTB posted solid 1Q12 results, characterized by better than forecast margin expansion as MTB deployed $1.6bn of cash into loans, retained $775mn of mortgage production, and exhibited better than expected momentum in mortgage banking. This said, the quarter was largely in line with expectations on the bottom line, and we believe upside is limited as this strength is already in shares with MTB trading at 2x TBV. We revise our estimates as follows: 2012 to $6.90 from $6.75, 2013 to $7.25 from $7.18, 2014 to $8.10 from $8.05, due mostly to a slightly larger B/S and a better base margin." Bank of America maintains its Neutral rating on M&T Bank, which closed yesterday at $85.62.