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

Raymond James downgraded Cullen/Frost to Market Perform from Outperform without a price target. The stock is unlikely to outperform peers/the broader market now that forward EPS estimates are at/near a cycle peak, the analyst tells investors in a research note. Cullen/Frost’s fundamental positioning remains relatively strong heading into a downturn reflecting historically strong credit quality, high levels of regulatory capital, a low loan/deposit ratio, and ongoing growth in its franchise value-accretive expansions in Houston and Dallas, the firm adds.