M&T Bank falls after JPM downgrades to 'neutral'
** Shares of regional lender M&T Bank MTB.N fall 1.7% to $210.69 after J.P. Morgan downgrades stock to "neutral" from "overweight"
** Brokerage says MTB stock has shown strong outperformance YTD compared to its regional bank coverage universe
** Adds that there is a lack of an additional catalyst for the continued outperformance of MTB shares
** JPM believes MTB's office commercial real estate exposure and relatively lower loan loss reserves are likely to remain a headwind even as the bank works on shrinking its exposure to the beleaguered sector
** Office CRE exposure is likely to remain an overhang for the stock — JPM
** Eleven of 22 brokerages rate the stock "buy" or higher, 10 "hold" and one "sell"; median PT is $223.50 — LSEG
** As of last close, MTB shares up 56.4% YTD
Reporting by Arasu Kannagi Basil in Bengaluru
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