Prosperity Bancshares upgraded to Neutral from Underperform at BofA

BofA upgraded Prosperity Bancshares (PB) to Neutral from Underperform with an unchanged price target of $80. The firm views Prosperity as a beneficiary of both higher-for-longer rates and an improving backdrop for bank M&A. In addition, , the stock considerably lagged Texas peer Frost Bank (CFR) over the last year and now trades at close to a group multiple, the analyst noted.