Fly News Breaks for October 18, 2019
Oct 18, 2019 | 04:49 EDT
Keefe Bruyette analyst Brian Klock downgraded M&T Bank to Market Perform from Outperform with a price target of $160, down from $168. The shares will be range-bound until its net interest margin headwinds and elevated technology consolidation expenses decline, Klock tells investors in a research note following the bank's Q3 results.
News For MTB From the Last 2 Days
Feb 28, 2020 | 06:41 EST
Wells Fargo analyst Mike Mayo lowered the firm's price estimates on large banks by about 10% citing the impact of interest rates, including a lower 10 year treasury and two assumed Fed rate cuts, capital markets, including less activity, lower equity values, and more risk-off, and less growth, which he expects to be partially mitigated by better mortgage and possible re-intermediation to lending markets from capital markets. The most interest rate sensitive stocks remain Comerica (CMA), Zions (ZION) and Regions (RF) along with a favorite long-term pick Bank of America (BAC) albeit with near-term pain. The analyst also highlights geographic exposures, and despite their sizable international footprints, still favors Citi (C) and JPMorgan (JPM) long-term while recognizing the near-term risks. The analyst lowered his price target for Citi to $94 from $100, for Goldman (GS) to $260 from $300, for Morgan Stanley (MS) to $50 from $58, for JPMorgan to $148 from $155, for USB (USB) to $50 from $61, for Regions Financial to $15 from $18, for PNC (PNC) to $141 from $170, for Fifth Third (FITB) to $27 from $33, for KeyCorp (KEY) to $17 from $20 and for M&T Bank (MTB) to $155 from $180.