Wunderlich Securities Maintains Its Cullen/Frost Bankers Rating And PT

Wunderlich Securities is maintaining its Hold rating on shares of Cullen/Frost Bankers, Inc.

as well as its price target of $60. “The company's outperformance in 3Q10 was the result of higher net interest income on a higher margin as well as lower expenses, which were offset by somewhat higher credit costs than we estimated,” Wunderlich Securities writes. “While loan demand remains sluggish, CFR continues to experience strong deposit inflows. Frost has tremendous earnings power, above-average growth prospects, and remains one of the highest quality banks in the country, but much of these favorable characteristics are already priced into CFR shares in our opinion.” Cullen/Frost Bankers currently trades at $53.03.