Piper Jaffray analyst Kevin Barker downgraded M&T Bank to Neutral from Overweight and lowered his price target for the shares to $168 from $196. The analyst was concerned about the sustainability of the company's net interest margin if this rate environment were to persist through the next 6-12 months, but thought M&T could be a little more resilient in the near-term given its use of swaps. However, the rate decline was "more severe" and the swaps were less effective than originally expected, Barker tells investors in a research note. He believes the near-term rate outlook will likely make the company's earnings growth more difficult.