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Dick Bove: M&T Bank must rethink strategy or consider merger

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Dick Bove: M&T Bank must rethink strategy or consider merger

Odeon Capital Group analyst Dick Bove initiated coverage of Buffalo, N.Y.-based M&T Bank Corp., suggesting the company must rethink its current strategy or consider a merger.

According to Bove, the company has focused on maximizing margins and buying back stock to grow its earnings and stock price. However, the strategy "was not terribly successful," and the stock is where it was in late 2016, he wrote.

"At some point, and for this bank that point is now, the strategy must be rethought," Bove wrote. M&T Bank can either grow the bank internally, which likely will negatively impact earnings, or merge with another company, according to the analyst.

He initiated coverage with a "hold" rating.