M&T Bank price target raised to $235 from $233 at DA Davidson

DA Davidson raised the firm’s price target on M&T Bank to $235 from $233 and keeps a Neutral rating on the shares after its better than expected Q1 results. Given the improvement in credit trends, M&T lowered its CET1 target to a range of 10.0%-10.5%from 10.25%-10.5% vs. 10.33% in Q1, and thus, the firm expects the bank will remain aggressive with share repurchases as a partial offset to net interest income, the analyst tells investors in a research note. Credit continues to be a bright spot for M&T, reflecting a substantial decline in net charge-offs and continued decline in criticized loans, the firm added.