M&T Bank price target raised to $164 from $152 at Piper Sandler

Piper Sandler raised the firm’s price target on M&T Bank to $164 from $152 and keeps an Overweight rating on the shares. The bank has largely reiterated full year 2024 guidance, save a slight increase in net interest income expectations, the firm notes. More specifically, the bank tweaked NII guide higher slightly, which looked to largely be driven by expectations now of one rate cut this year as opposed to two previously. Preliminarily, given the lack of change to expectations, Piper wouldn’t expect shares to move significantly one way or the other.