Evercore Maintains Equal-Weight on M&T Bank

Evercore is out with its report today on M&T Bank MTB, maintaining Equal-weight. In a note to clients, Evercore writes, "We are increasing our 2011 EPS est to $6.58 from $6.19, and 2012 to $7.47 from $7.43 reflecting 2Q upside and slightly higher non-II. Our 2011 est includes a $0.09 retroactive adj to 1Q11 'core' EPS to exclude OTTI. While we are positive on MTB's fundamentals and TARP visibility, sluggish b/s growth and NIM declines are likely to limit upside to MTB's premium at 2.4x TBV and 11.7x 2012 EPS valuation." At the time of posting, shares of MTB were trading at $87.92, up 0.90% from Wednesday's close.