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Fly News Breaks for July 11, 2019
CFR, EWBC
Jul 11, 2019 | 06:41 EDT
As previously reported, BofA/Merrill analyst Ebrahim Poonawala downgraded Cullen/Frost (CFR) to Underperform from Neutral given the stock's premium valuation and the downside EPS risk from lower rates he sees in his estimates, which he notes are 5% below consensus for 2020.The analyst also highlighted East West Bancorp (EWBC), on which he has a Buy rating, as a pairs trade idea, as he expects management to most likely reduce its spread revenue guidance for 2019 and that stock is currently trading at a "deeply discounted" valuation.
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