Evercore ISI analyst John Pancari upgraded Cullen/Frost (CFR) to In Line from Underperform with a price target of $132, up from $130. Coming out of Q1 results, the firm is increasing its 2025 and 2026 EPS estimates by 5% and 2%, respectively, to reflect a more constructive top line outlook, the analyst tells investors. Cullen/Frost is not immune to headwinds of the sluggish macro backdrop and declining short rates, which likely keeps material upside catalysts limited, but the firm sees less risk of underperformance in shares compared to peers amid the strengthening of the company’s fundamental outlook, the analyst added.
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