The Overweight rating suggests that Piper Sandler continues to have a positive outlook on M&T Bank's stock. However, the reduction in the price target could imply a more conservative view on the bank's growth prospects or valuation. This news is likely to be seen as mildly negative by the market, as it suggests a lower expected return, but the reaffirmation of the Overweight rating could mitigate any negative sentiment. Therefore, the short-term impact on the stock price is likely to be neutral.