Zacks Investment Research upgraded shares of M&T Bank Corporation (MTB) from UNDERPERFORM to NEUTRAL on April 10, 2014, with a target price of $127.00.
We have upgraded our long-term recommendation on M&T Bank to Neutral from Underperform based on the company's clearance of the stress test and 2014 capital plan approval by the Federal Reserve. However, fourth-quarter 2013 operating earnings lagged the Zacks Consensus Estimate, as well as the prior-year quarter results. Elevated expenses negatively impacted the results. We believe the company, with a solid business model, strong capital position and strategic acquisitions, is well poised for future growth. While the sluggish economic recovery, regulatory issues and low interest rate environment remain headwinds, growth in core deposits will benefit it in the long run.
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