J.P. Morgan Maintains Neutral on M&T Bank (MTB)

J.P. Morgan is out with its report today on M&T Bank MTB, maintaining Neutral. In a note to clients, J.P. Morgan writes, "MTB shares trade at 2.6x TBV, or a ~80% premium to peers and 10.6x our normalized EPS estimate of $8.22 (2014E), a 9% premium to peers. With the long term earnings picture at MTB relatively unchanged, no change to our YE11 target of $95. With upside potential in line with peers, we maintain Neutral." Shares of MTB closed Monday at $87.21, up 2.18% from Friday's close.