Cullen/Frost Bankers, Inc.
CFR · NYSE
Analyst ratings
hold · 9 ratings
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| July 15, 2026 | Cantor Fitzgerald | Maintains | Neutral | $158.00 |
| July 7, 2026 | Barclays | Maintains | Equal-Weight | $160.00 |
| July 6, 2026 | Evercore ISI Group | Maintains | In-Line | $166.00 |
| July 6, 2026 | Jefferies | Upgrades | Hold | $160.00 |
| June 30, 2026 | Citigroup | Maintains | Sell | $145.00 |
| June 29, 2026 | Morgan Stanley | Maintains | Underweight | $141.00 |
| May 7, 2026 | Citigroup | Maintains | Sell | $131.00 |
| May 5, 2026 | Evercore ISI Group | Maintains | In-Line | $149.00 |
| May 4, 2026 | DA Davidson | Maintains | Neutral | $144.00 |
| May 1, 2026 | RBC Capital | Maintains | Sector Perform | $155.00 |
| April 7, 2026 | Barclays | Maintains | Equal-Weight | $155.00 |
| April 6, 2026 | Evercore ISI Group | Maintains | In-Line | $150.00 |
| March 31, 2026 | Morgan Stanley | Maintains | Underweight | $133.00 |
| March 3, 2026 | Cantor Fitzgerald | Maintains | Neutral | $152.00 |
| March 2, 2026 | Morgan Stanley | Maintains | Underweight | $143.00 |
| February 10, 2026 | Evercore ISI Group | Maintains | In-Line | $155.00 |
| February 2, 2026 | Citigroup | Maintains | Sell | $125.00 |
| January 30, 2026 | DA Davidson | Maintains | Neutral | $144.00 |
| January 30, 2026 | Barclays | Maintains | Equal-Weight | $150.00 |
| January 30, 2026 | RBC Capital | Maintains | Sector Perform | $150.00 |
| January 30, 2026 | Keefe, Bruyette & Woods | Maintains | Outperform | $160.00 |
| January 5, 2026 | Keefe, Bruyette & Woods | Upgrades | Outperform | $150.00 |
| December 19, 2025 | Barclays | Maintains | Equal-Weight | $140.00 |
| October 31, 2025 | Citigroup | Maintains | Sell | $114.00 |
| October 10, 2025 | RBC Capital | Maintains | Sector Perform | $144.00 |
| September 30, 2025 | Evercore ISI Group | Maintains | In-Line | $137.00 |
| September 29, 2025 | Morgan Stanley | Maintains | Underweight | $136.00 |
Net interest income growth sustainability amid rate headwinds
Management projects 6–7% net interest income growth for 2025, and the bank's recent earnings beat — reporting EPS of $2.65 versus consensus estimates of $2.49 — suggests strong underlying revenue momentum that could sustain NII expansion over the next 12 months.
Despite the EPS beat, CFR's quarterly revenue of $574.84 million fell short of analyst estimates of $587.28 million, signaling that top-line pressure persists. Rising credit costs and competitive deposit pricing could erode net interest margins and undermine the projected NII growth trajectory.
Analyst rating divergence: upgrade momentum vs. persistent sell-side skepticism
Recent weeks have seen a wave of upgrades, with Stephens lifting CFR to Strong Buy, Jefferies upgrading from Underperform to Hold, and Barclays raising its price target to $160. This positive re-rating momentum, combined with the stock being up 23.7% year-to-date, reflects growing confidence in CFR's execution.
Despite the upgrades, the overall consensus remains Hold with an average target of $152.42, implying downside from current trading levels. Morgan Stanley maintains an Underweight rating with a $141 target, and Citigroup holds a Sell rating with a $145 target, reflecting deep skepticism about CFR's valuation at current prices.
Valuation and price target dispersion reflecting divergent growth expectations
Evercore ISI Group's In-Line rating with a $166 price target, combined with Cantor Fitzgerald raising its target to $158, suggests that select analysts see CFR's 15.4x P/E as reasonable given the bank's consistent earnings delivery and Texas-market franchise strength.
With the stock trading near its 52-week high around $158–$159 and a wide price target range of $139 to $169, the low-end targets from Citigroup ($145) and Morgan Stanley ($141) indicate that a meaningful cohort of analysts views CFR as overvalued relative to its earnings growth potential and credit risk exposure.