Cullen/Frost price target lowered to $150 from $165 at Raymond James

Raymond James analyst Michael Rose lowered the firm’s price target on Cullen/Frost to $150 from $165 and keeps an Outperform rating on the shares. Cullen/Frost’s Q4 results exceeded consensus expectations, with relatively solid results where greater than forecast NIM expansion more than offset a decline in average earning assets to fuel stronger than forecast net interest income, the analyst tells investors in a research note. The initial outlook for 2023 contemplates a higher noninterest expense outlook vs. our prior forecasts, the firm notes.