Cullen/Frost downgraded to Neutral from Buy at DA Davidson

DA Davidson analyst Peter Winter downgraded Cullen/Frost (CFR) to Neutral from Buy with a price target of $143, up from $138. Share trade at “a well-deserved premium to peers,” but the firm sees limited upside to its raised price target and downgrades the shares “solely due to valuation.” Despite the downgrade, Cullen/Frost remains “a Best-of-Breed Bison name” as they continue to take market share from the larger banks and succeed in their its branch expansion, which is expected to be accretive to earnings in 2026, the analyst tells investors.