UPDATE: Keefe, Bruyette & Woods Upgrades M&T Bank To Reflect 2Q14 Beat

In a report published Monday, Keefe, Bruyette & Woods analyst Brian Klock upgraded the rating on M&T Bank (NYSE: MTB) from Market Perform to Outperform, and raised the price target from $125.00 to $141.00.

In the report, Keefe, Bruyette & Woods noted, “We raised 2014 KBWe by 6c, to $7.86, largely to reflect the 2Q14 beat and maintained 2015 KBWe of $9.33. We established our 2016 EPS estimate at $10.10. We have also rolled forward our DCF model and raised our target price $16 to $141. Our revised target price translates to 15.1x our 2015e EPS and 14.0x 2016 KBWe. We raised our rating to Outperform from Market Perform as we believe there is more visibility into the inflection in expenses and to the timing of the HCBK deal, both of which we believe to be catalysts for the shares.”

M&T Bank closed on Friday at $122.06.