Cullen/Frost upgraded to Outperform from Market Perform at Raymond James

Raymond James upgraded Cullen/Frost (CFR) to Outperform from Market Perform with a $150 price target The firm’s positive thesis is based on the positive net interest margin and net interest income benefits from the repricing its large securities portfolio in a higher-for-longer rate environment, which should contribute to an expected upward revision to its 2025 NII outlook with 2Q25 earnings, the analyst tells investors in a research note. The firm sees the potential for a beat and raise quarter which will drive relative nearer-term outperformance of the shares.