Guggenheim analyst Marty Mosby also has a neutral rating on M&T, but said "this acquisition should increase MTB's tangible book value per share by approximately 10% while the synergies and portfolio restructuring helps to raise HCBK's returns on [tangible common equity] enough to improve MTB's [return on tangible common equity] by half a percentage point."
Mosby raised his price target for M&T's shares by 15%, to $100, while raising his 2013 EPS estimate by a dime, to $8.00.
-- Written by Philip van Doorn in Jupiter, Fla.>Contact by Email. Follow @PhilipvanDoorn
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