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Fly News Breaks for January 6, 2020
MTB
Jan 6, 2020 | 07:07 EDT
Goldman Sachs analyst Ryan Nash downgraded M&T Bank to Neutral from Buy with a price target of $184, up from $169. Limited earnings growth makes the company's premium valuation harder to justify, Nash tells investors in a research note. The analyst expects M&T's margin pressure to be "outsized" relative to peers in the near-term given its higher starting point and lower deposit beta on the way up. He believes the bank's 2020 earnings growth is likely to be negligible and growth over the next two years is likely to trail peers.
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