Cullen/Frost price target raised to $145 from $142 at BofA

BofA analyst Ebrahim Poonawala raised the firm’s price target on Cullen/Frost (CFR) to $145 from $142 and keeps a Buy rating on the shares. The shares have outperformed peers after reporting a Q1 EPS beat and raising FY25 NII and fee income guidance, the analyst tells investors in a research note. The firm noted that the NII guidance hike appears insulated from potential rate-driven downside risks as the new outlook includes two additional rate cuts. Operating leverage about to kick-in following significant franchise investments should drive EPS growth acceleration and potentially positive EPS revisions, the analyst adds.