Cullen/Frost price target lowered to $145 from $150 at Raymond James

Raymond James lowered the firm’s price target on Cullen/Frost (CFR) to $145 from $150 and keeps an Outperform rating on the shares. Cullen/Frost’s Q1 results exceeded consensus expectations on an EPS and pre-provision net revenue basis, but shares sold off after the company largely reiterated its 2025 outlook, the analyst tells investors in a research note. Raymond James continues to view risk-reward positively given solid loan growth outlook and expectations for slower expense growth to produce increasing operating leverage in the out-years.