Piper Sandler Reiterates Overweight Rating on M&T Bank (MTB)

Piper Sandler analyst Frank Schiraldi reiterated an Overweight rating and $164.00 price target on M&T Bank (NYSE: MTB).

The analyst commented, "After the close MTB filed an 8-K of the presentation the company plans to use tomorrow morning at an industry conference (9:30 AM ET). The bank largely reiterated full year 2024 guidance, save a slight increase in NII expectations. More specifically, the bank tweaked NII guide higher slightly ($6.85B +/- versus $6.8B previously) which looked to largely be driven by expectations now of one rate cut this year as opposed to two previously. 2Q24 trends offered included NII of $1.7B +/- and a NIM in mid-350s are largely already reflected in consensus expectations. Preliminarily, given the lack of change to expectations, we wouldn't expect shares to move significantly one way or the other tomorrow morning. We are tweaking our estimates slightly (by less than 1%) to reflect the detail."

For an analyst ratings summary and ratings history on M&T Bank click here. For more ratings news on M&T Bank click here.

Shares of M&T Bank closed at $140.83 yesterday.

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