Cullen/Frost Bankers

CFR · NYSE

$156.02+$2.81 (+1.83%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $153.21

CFR analyst rating

HoldConsensus of 13 analysts over the last 12 months. 31% rate it a buy.

Strong buy0
Buy4
Hold7
Underperform0
Sell2

12-month price target · 16 analysts

Average $178.86 (+14.6% upside)

Low: $146.45
Now: $156.02
High: $211.05

Upgrades and downgrades

The latest rating actions, newest first

CFR analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Cantor Fitzgerald	Oct 14, 2026	Maintains	Neutral	$175.00 → $167.00	54%
RBC Capital	Oct 9, 2026	Maintains	Sector Perform	$176.00 → $175.00	30%
Barclays	Oct 5, 2026	Maintains	Equal-Weight	$160.00 → $175.00	54%
TD Cowen	Oct 5, 2026	Maintains	Buy	$185.00 → $178.00	47%
Evercore ISI Group	Oct 1, 2026	Maintains	In-Line	$181.00 → $166.00	49%
Morgan Stanley	Sep 28, 2026	Maintains	Overweight	$200.00 → $201.00	59%
Morgan Stanley	Sep 8, 2026	Upgrade	Underweight → Overweight	$141.00 → $200.00	59%
Cantor Fitzgerald	Aug 19, 2026	Maintains	Neutral	$158.00 → $175.00	54%
Evercore ISI Group	Aug 5, 2026	Maintains	In-Line	$166.00 → $181.00	49%
TD Cowen	Aug 3, 2026	Maintains	Buy	$169.00 → $185.00	47%

The case for and against

Updated Oct 18, 2026

Bull case

Cullen/Frost Bankers is attractive because its Texas-only, relationship-driven model continues to win share in core markets, with branch expansion adding about 95K households, $3.6B of deposits, and $2.9B of loans while management expects $0.40-$0.50 of EPS contribution in 2026. Its 1Q26 results showed solid operating leverage and credit quality, with EPS of $2.65, net interest margin up to 3.74%, noninterest income of $136.3M, and net charge-offs held to 11 bps, while CET1 remained a strong 14.1%. The outlook is further supported by a $6.8B “new opportunities” pipeline, 2.5% sequential loan growth to $22.43B, raised 2026 loan and NII guidance, and disciplined organic expansion into Houston, Dallas, and Austin rather than acquisitions.

Bear case

Cullen/Frost Bankers is vulnerable because average deposits fell 2.6% to $42.23 billion, driven by declines in both interest-bearing and noninterest-bearing balances, while the DDA mix remained stuck near 33% for the past 7 quarters, limiting cheap funding support. Although provision expense fell to $6.7 million and net charge-offs were stable at $5.7 million, nonperforming assets rose to $72.4 million and total problem loans increased $132 million to $989 million, signaling emerging credit stress. Its dependence on healthy commercial and CRE growth, a stable net interest margin, and resilient Texas economic conditions makes the stock exposed to a tougher rate environment, slower loan growth, and possible energy-market weakness.

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