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Fly News Breaks for November 12, 2018
CFR
Nov 12, 2018 | 08:15 EDT
As previously reported, Morgan Stanley analyst Ken Zerbe downgraded Cullen/Frost to Underweight from Equal Weight as he expects below-peer EPS growth through 2020 given the elevated expenses related to its Houston branch expansion. He also thinks the market is placing too much emphasis on its attractive funding profile and not enough on expenses and Cullen/Frost's below-peer earnings profile, Zerbe tells investors. He lowered his price target on the stock to $103 from $105.
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