Wells Fargo analyst Mike Mayo lowered the firm’s price target on M&T Bank to $175 from $185 and keeps an Underweight rating on the shares. The firm notes M&T Bank’s Q1 fell short due to lower-than-expected net interest income, and its guide for deposits, loans, and net interest income were down. Nonetheless, management remains confident about positive operating leverage this year, but it’s a narrow range, Wells says.
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