Citi Raises Price Target On M&T Bank (MTB)

Citi Investment Research is raising its price target on shares of M&T Bank Corporation MTB to $91, from $86, but is keeping its Hold rating. In a note sent to investors, Citi writes, "While we were already positive on the Wilmington Trust deal, we gained a much better appreciation for the opportunities on the revenue side from cross selling Wilmington Trust wealth advisory services into M&T's commercial client base. While we know revenue synergies are very hard to achieve, there is a strong case to be made that there is a lot of upside here. Also, we recently met with some Wilmington Trust officers and clients, and feel the cultural fit with M&T is very strong." Shares of MTB gained 71 cents yesterday to close at $86.78.