Cullen/Frost upgraded to Outperform from Market Perform at Keefe Bruyette

Keefe Bruyette analyst Catherine Mealor upgraded Cullen/Frost (CFR) to Outperform from Market Perform with an unchanged price target of $150. The firm cites the stock’s underperformance in 2025 and catalysts for upside to 2027 earnings estimates for the upgrade. Cullen/Frost’s organic loan growth will improve and be the highest of its peer group at 8% in 2026, the analyst tells investors in a research note. Keefe also expects the company to be more active in capital deployment and believes the Street is underestimating accretion from its branch expansion strategy.