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UPDATE: Sterne Agee Upgrades Cullen/Frost Bankers to Neutral on Risk/Reward

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Sterne Agee raised its rating on Cullen/Frost Bankers (NYSE: CFR) from Underperform to Neutral and increased its price target from $53 to $54.

Sterne Agee commented, "We are upgrading CFR to Neutral from Underperform with the shares near our PT and our expectations for less underperformance on a relative basis going forward. Simply put, while the NIM and core profitability may remain under incremental pressure throughout FY13/14, we believe the potential for low- to mid-single digit revenue growth will result in better relative performance going forward than the past several quarters."

Cullen/Frost Bankers closed at $54.13 on Wednesday.

Latest Ratings for CFR

DateFirmActionFromTo
Jan 2017JP MorganUpgradesUnderweightNeutral
Dec 2016SunTrust Robinson HumphreyUpgradesNeutralBuy
Dec 2016BarclaysUpgradesUnderweightEqual-Weight

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