Wedbush Starts Cullen/Frost Bankers (CFR) at Neutral
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Wedbush initiates coverage on Cullen/Frost Bankers (NYSE: CFR) with a Neutral rating and a price target of $68.00.
Analyst Peter Winter commented, "Volatility around energy prices has caused significant swings in CFR’s stock price and we expect a continued correlation as CFR’s energy exposure represents 13% of loans. CFR's above-average exposure to energy compared to its Texas peers is a headwind to loan growth, but we see this largely reflected in the stock price as its premium valuation has narrowed."
Shares of Cullen/Frost Bankers closed at $72.89 yesterday.
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