UPDATE: Citigroup Raises PT on M&T Bank Following 2Q13 Results - InvestingChannel

UPDATE: Citigroup Raises PT on M&T Bank Following 2Q13 Results

In a report published Monday, Citigroup analyst Keith Horowitz reiterated a Neutral rating on M&T Bank (NYSE: MTB), and raised the price target from $120.00 to $130.00.

In the report, Citigroup noted, “Updating our estimates post 2Q13 results. We boost 2013 EPS by $0.45 or 5% to $8.85, primarily due to the 40c beat in 2Q13 vs our estimate. We lower our 2014 estimate by 5c to $8.70 but raise our 2015 estimate by 15c to $10.45. We raise our price target to $130 but remain Neutral on the stock.” M&T Bank closed on Friday at $118.92.

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