M&T Bank Corp

MTB: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$687.00	Hgvgpp	Jnylrtjwg

M&T Bank Earnings: Decent Quarter but Outlook a Hair Soft; Some Credit Deterioration

Rajiv Bhatia ,

Jan 18, 2024

Narrow-moat M&T Bank reported decent fourth-quarter results, with revenue of $2.30 billion roughly in line with the FactSet consensus estimate of $2.29 billion. The firm's outlook at the midpoint implies $9.10 billion in 2024 revenue, a bit below the FactSet consensus estimate of $9.13 billion and our estimate of $9.24 billion. Overall, there was little in the earnings release that would alter our long-term view. We will maintain our fair value estimate of $168 per share.

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