M&T Bank Corp. (MTB.N): Management Meeting Takeaways: Revenue Tailwinds Building

MTB is our Top Pick: $304 PT, 34% upside. Our dinner with management corroborated our views that revenue tailwinds are building with loan growth and fee income picking up. We expect MTB can operate slightly above a 17% ROTCE in 2027/2028 while also reinvesting as the bank deploys capital. We hosted an investor dinner with M&T Bank's Chief Financial Officer Daryl Bible, Chief Credit Officer Rich Barry, and Head of Corporate Development and Investor Relations Rajiv Ranjan. Loan growth tailwinds are building as the commercial capex cycle picks up;