Wedbush analysts upgraded M&T Bank Corporation (NYSE:MTB) to Outperform from Neutral with a price target of $170 as they view the company as a defensive safe haven from a credit quality standpoint.

The upgrade is based mostly on the analysts’ expectation for the company to perform better than peers from a credit quality perspective in a recessionary environment. The analysts also like the company's conservative business model, its locking-in of NIM at an elevated level through balance sheet positioning, consistent earnings growth, and the potential revenue/expense synergies from the recent acquisition of People's United.