M&T Bancorp rises as J.P.Morgan upgrades to 'overweight'
Updates
** U.S. regional lender M&T Bancorp's MTB.N shares rise ~1% to $171.94 amid declines in broader market
** J.P.Morgan upgrades MTB's shares to "overweight" from "neutral", citing improving credit trends
** Brokerage expects outsized credit fears and worries over declining net interest margins (NIM) to erode over next few quarters amid expectations of interest rate cuts by the U.S. Fed
** J.P.Morgan raises PT on MTB's shares to $215 from $183, an upside of ~25% to stock's last close
** "Once the company is able to demonstrate a stable NIM in the backdrop of reduced short-term rates ... we believe this will quickly set the stage for bottom-line EPS expectations to improve" - JPM
** NIM - a key profitability metric that measures how much a bank earns as interest on loans and pays out on deposits - has contracted broadly across the industry YTD amid higher deposit costs and tepid loan demand
** 11 of 23 brokerages rate the stock "buy" or higher, 11 "hold" and 1 "sell"; median PT $182 - LSEG
** The S&P 500 Banks index .SPXBK, which tracks a basket of large-cap lenders, was last down 0.7%
** As of last close, MTB up ~25% YTD vs 18.4% gain in benchmark S&P 500 index .SPX
Reporting by Manya Saini in Bengaluru
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