Cullen/Frost price target lowered to $111 from $113 at Compass Point

Compass Point lowered the firm’s price target on Cullen/Frost to $111 from $113 and keeps a Neutral rating on the shares. The firm is adjusting its FY24 and FY25 core EPS estimate, noting that its higher FY24 core EPS forecast reflects higher core net interest income and margin and higher fee income, partially offset by higher expenses than prior expectations, and that its slightly lower FY25 core EPS forecast reflects higher expense and lower fee income estimates, partially offset by higher core net interest income and margin expectations.