Cullen/Frost price target lowered to $103 from $120 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Cullen/Frost (CFR) to $103 from $120 and keeps an Underweight rating on the shares. The firm moved its midcap bank industry view from Attractive to In-line, saying “higher and faster than expected” tariffs raise recession risks, will weigh on loan growth and in-turn, forward earnings and multiples. The group is “cheap,” but weaker for longer loan growth and inverted yield curve limit upside catalysts, the analyst tells investors in a research note.