11:50 AM EDT, 04/15/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We increase our target by $15 to $175, 10.8x our 2025 EPS estimate, modestly below MTB's five-year forward P/E average of 11.1x given MTB's outsized exposure to commercial real estate office. We lower our 2024 EPS estimate to $14.25 from $14.42 and reduce 2025's to $16.21 from $16.25. MTB posted Q1 adjusted EPS of $3.15 vs. $4.01 a year ago, $0.03 above consensus. Net interest income fell 2% Q/Q given 9 bps of net interest margin compression. However, when looking under the hood, encouraging signs were seen in noninterest-bearing deposits as balances fell just 3% Q/Q vs. a 7% fall in Q4. Additionally, improvement was seen in credit quality with net charge-offs falling 2 bps to 0.42%. Loan balances rose 1% as growth in consumer and businesses outweighed weakness in commercial real estate and residential mortgage. We remain confident in MTB's ability to execute and have been encouraged by the bank's prudent expense management (less than 1% adjusted growth Y/Y) and ample allowances for credit losses of 1.62%.