BofA analyst Ebrahim Poonawala downgraded M&T Bank to Neutral from Buy with an unchanged price target of $225, following a strong period of relative performance and citing “limited idiosyncratic catalysts to drive outperformance.” A net interest margin that is closer to cyclical highs, management’s stated desire to pursue bank M&A and limited drivers of superior organic growth are all likely to temper performance, the analyst tells investors.
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