Cullen/Frost price target lowered to $100 from $112 at Stephens

Stephens lowered the firm’s price target on Cullen/Frost to $100 from $112 and keeps an Equal Weight rating on the shares. The company’s Q3 results were highlighted by solid NII and good cost controls, the analyst tells investors. Due to the lagging deposit cost pressure and investments from the ongoing Austin expansion effort, the firm expects PPNR trends to be pressured until mid-2024.