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

Sterne Agee raised its rating on Cullen/Frost Bankers

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.