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Fly News Breaks for November 1, 2019
CFR
Nov 1, 2019 | 07:33 EDT
Wedbush analyst Peter J. Winter downgraded Cullen/Frost to Underperform from Neutral with a price target of $82, down from $87, citing lower valuation. In a research note to investors, Winter says that while most banks are looking for ways to slow expense growth in a tougher revenue environment, Cullen/Frost has no plans to curtail investment spending, which will result in some near-term pain. He says the expense pressure will carry over into 2021, as it plans to open another 15 branches next year.
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