Cullen/Frost price target lowered to $122 from $127 at RBC Capital

RBC Capital analyst Jon Arfstrom lowered the firm’s price target on Cullen/Frost to $122 from $127 and keeps a Sector Perform rating on the shares. The company’s Q2 results were stable with controlled margin and expense trends, along with some modest pressure on spread revenues due to lower deposit and earning asset levels, the analyst tells investors in a research note. Cullen/Frost management continues to be confident in the growth potential of the franchise however, particularly as it executes on its expansion initiatives, RBC added.