TD Cowen initiated coverage of Cullen/Frost (CFR) with a Buy rating and $154 price target The firm rolled out coverage on the mid and small cap banks with a bullish view. The group is trading at a “sizable valuation discount” to historical averages, with catalysts ahead from improving net interest margins, renewed loan growth, and banks “going on offense with capital.” TD sees one of the most attractive entry points in decades for the group. The firm’s top picks, in order, are Western Alliance (WAL), Customers Bancorp (CUBI), East West Bancorp (EWBC), MVB Financial (MVBF), Live Oak Bancshares (LOB), Valley National (VLY), and Atlantic Union (AUB).
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Read More on CFR:
- Cullen/Frost Bankers Releases Investor Presentation
- Cantor starts U.S. banks with ‘constructive view,’ names Citizens as top pick
- Cullen/Frost initiated with a Neutral at Cantor Fitzgerald
- Cullen/Frost price target lowered to $145 from $150 at Raymond James
- Cullen/Frost Bankers’ Earnings Call Highlights Growth Amid Challenges