TD Cowen initiated coverage of Cullen/Frost (CFR) with a Buy rating and $154 price target The firm rolled out coverage on the mid and small cap banks with a bullish view. The group is trading at a “sizable valuation discount” to historical averages, with catalysts ahead from improving net interest margins, renewed loan growth, and banks “going on offense with capital.” TD sees one of the most attractive entry points in decades for the group. The firm’s top picks, in order, are Western Alliance (WAL), Customers Bancorp (CUBI), East West Bancorp (EWBC), MVB Financial (MVBF), Live Oak Bancshares (LOB), Valley National (VLY), and Atlantic Union (AUB).
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- Cullen/Frost initiated with a Neutral at Cantor Fitzgerald
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