Cullen/Frost Bankers (CFR) PT Raised to $148 at KBW; 'Well-Positioned in Higher For Longer'

Keefe, Bruyette & Woods analyst Catherine Mealor raised the price target on Cullen/Frost Bankers (NYSE: CFR) to $148.00 (from $140.00) while maintaining a Market Perform rating.

The analyst commented: "Well-Positioned in Higher For Longer; Raising '25E by 7%; We're encouraged by the strong 4Q24 and believe the 2025 guide provides support to a premium P/E (~15.5x EPS) with our '25E moving 7% higher. Importantly, the better revenue growth helps to push CFR to deliver EPS growth in 2025 vs an EPS decline despite its still higher level of expense growth. We think this was somewhat baked into market expectations with shares having materially outperformed since mid-December, though CFR's ability to show superior levels of growth and earnings will remain a differentiator in this environment. We move our '25E to $8.90 and '26E to $9.05, and adjust our PT to $148. Rating is MP."

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