Regional banker M&T Bank Corporation (
) on Thursday received some bullish commentary from analysts at two
Wall Street firms.
Keefe, Bruyette & Woods maintained its "Market Perform"
rating on MTB but lifted its price target to $109, suggesting a 6%
upside to the stock's Wednesday closing price of $103.07. The firm
also lifted its earnings estimates for the company, citing better
mortgage growth and solid cost-tightening initiatives.
Meanwhile, Jefferies & Co. reiterated its "Hold" rating on
MTB and boosted its price target to $106. The analyst also raised
its earnings estimates, citing rising mortgage revenues.
M&T Bank shares, which have surged more than 35% since the
beginning of 2012, posted small gains in Thursday morning
The Bottom Line
Shares of M&T Bank (
) have a 2.72% dividend yield, based on last night's closing stock
price of $103.07. The stock has technical support in the $94-$97
price area. If the shares can firm up, we see overhead resistance
around the $107-$109 price levels.
M&T Bank Corporation (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.4 out of 5 stars.
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