Cullen/Frost price target raised to $126 from $125 at DA Davidson

DA Davidson raised the firm’s price target on Cullen/Frost to $126 from $125 and keeps a Buy rating on the shares. The company beat consensus 18 out of the past 20 quarters, and it’s fair to say they tend to be conservative with its guidance, the analyst tells investors in a research note. Cullen/Frost’s 2024 expense outlook is again elevated and higher than expected, though its net interest income outlook is also higher than the firm’s original forecast, DA Davidson added.