Cullen/Frost price target lowered to $136 from $148 at Truist

Truist analyst Brandon King lowered the firm’s price target on Cullen/Frost to $136 from $148 and keeps a Hold rating on the shares as part of a broader research note updating estimates on Regional Banks. The analyst is forecasting accelerated deposit and funding cost pressure throughout 2023, which will likely pressure net interest margins over the next few quarters. The firm expects investors to gravitate toward bank stocks with conservative credit cultures, better deposit bases and more balance sheet liquidity.