Zacks Investment Research downgraded shares of M&T Bank Corporation (MTB) from NEUTRAL to UNDERPERFORM on February 17, 2014, with a target price of $104.00.
We have downgraded our long-term recommendation on M&T Bank to Underperform from Neutral based on the company's fourth-quarter 2013 operating earnings, which lagged the Zacks Consensus Estimate, as well as the prior-year quarter results. Elevated expenses negatively impacted the results. Though a sound capital position, improving credit quality and growing core deposit will bode well in the long run, we believe the sluggish economic recovery, regulatory issues and low interest rate environment will remain near term headwinds. Moreover, expanding cost base and legal issues will be a hindrance for bottom-line expansion.
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