Cullen/Frost price target lowered to $120 from $132 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Cullen/Frost (CFR) to $120 from $132 and keeps an Underweight rating on the shares. The firm is reducing its estimates on Midcap Banks in North America under its coverage given higher uncertainty and slower economic growth outlook, the analyst tells investors. Trade and tariff policy changes are occurring sooner and more forcefully than previously anticipated, Morgan Stanley states. Additionally, the firm notes a slower pace of economic growth and higher level of policy uncertainty is a headwind for the sector, leading to many price target cuts in the group.