Fly News Breaks for February 10, 2020
PNC, USB, MTB
Feb 10, 2020 | 08:54 EDT
Odeon Capital analyst Dick Bove, who previously said he believes M&T Bank (MTB) is "a prime candidate to effect a merger in 2020" when he upgraded the stock on January 24, said in a newly published note to investors that big banks are laying out strategies that link their future growth to taking market share and he views M&T as "one of the competitors that are most vulnerable." Given his view of the competitive landscape, Bove tells investors that he believes the "best solution to M&T's problems is to sell the bank, otherwise it may see flat earnings for some time," adding that he sees U.S. Bancorp (USB) and PNC Financial (PNC) as "the best buyers" in a hypothetical sale scenario.
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