M&T Bank price target raised to $208 from $190 at RBC Capital

RBC Capital raised the firm’s price target on M&T Bank to $208 from $190 and keeps an Outperform rating on the shares. The firm believes the beauty in the M&T Bank business model is a “meat and potatoes” bank, a culture that was instilled by CEO Bob Wilmers 30-plus years ago and now carried on by CEO Rene Jones. M&T Bank “through-the-cycle” outperforms on credit, which is increasingly a topic of conversation among investors. Management knows one of the key factors in creating long-term shareholder value is avoiding credit debacles and M&T Bank does so by adhering to strong underwriting standards, RBC notes. Also, M&T Bank is adroit at managing its capital, which over the years has enhanced shareholders return, it adds.