BUZZ-BofA Global Research downgrades M&T Bank to 'neutral'

Reuters01-07
BUZZ-BofA Global Research downgrades M&T Bank to 'neutral'

** BofA Global Research downgrades lender M&T Bank MTB.N to "neutral" from "buy"

** Stock down slightly premarket in thin trading; had hit 52-week high of $211.33 in previous session, about $10 shy of record high

** BofA expects limited catalysts to drive outperformance after a strong period of relative performance vs. super regional bank peers

** Says performace to be tempered by net interest margin near cyclical highs, limited drivers of superior organic growth, and aim of M&A-driven upside, which has limited scope due to full valuations

** 10 of 22 brokerages rate the stock "buy" or "higher",11 "hold" and 1 "sell"; median PT is $225 - data compiled by LSEG

** MTB scheduled to report results next week on Friday

(Reporting by Pragyan Kalita in Bengaluru)

((Pragyan.Kalita@thomsonreuters.com))

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