NEW YORK (TheStreet) -- M&T Bank Corp. (MTB) was upgraded to "buy" from "neutral" at Goldman Sachs (GS) on Monday based on the firm's belief the holding company's planned purchased of Hudson City Bancorp (HCBK) will add to earnings.
M&T Bank announced its intent to purchase its rival in August 2012, but the deal has been delayed a number of times.
M&T is working to calm concerns the Federal Reserve has regarding its Bank Security Act and anti-money laundering program, The Buffalo News reported.
Must Read: Warren Buffett's 10 Favorite Growth Stocks
Both banks are looking to finalize the acquisition before the end of this year.
Separately, TheStreet Ratings team rates M & T BANK CORP as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate M & T BANK CORP (MTB) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its expanding profit margins and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."
Highlights from the analysis by TheStreet Ratings Team goes as follows: