Piper Jaffray analyst Kevin Barker upgraded M&T Bank to Overweight with an unchanged price target of $194. This quarter, M&T's deposit base remained steady, its loan/deposit ratio declined and management felt confident the ratio would remain in the 95%-100% range for the foreseeable future, Barker tells investors in a research note. The analyst is now more confident that the company will not see a sudden drop in net interest margin from rapidly rising deposit costs. Further, he views the current valuation as a "very attractive entry point for one of the best regional bank franchises."