UPDATE: Wunderlich Securities Downgrades Cullen/Frost Bankers to Hold
Wunderlich Securities lowers its rating on Cullen/Frost Bankers (NYSE: CFR) to Hold from Buy with the same $60 price target as shares appear fully valued.
Wunderlich Securities notes, "We are downgrading shares of Cullen/Frost Bankers, Inc. (CFR) to Hold from Buy as the shares have exceeded our $60 price target. CFR shares have increased over 30% since the beginning of October and we believe they reflect a relatively full valuation at 2.1x TBV/share and 16.4x our 2012 EPS estimate. As a pure play on the Texas Triangle, Frost is well positioned for above-average long-term growth and is one of the highest quality banks in the country. However, in our opinion much of these favorable characteristics are already reflected in the current price of CFR shares."
CFR closed at $60.67 a share on Friday.
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