Morgan Stanley Rates Cullen/Frost Bankers (CFR) sell

Analyst Manan Gosalia sticks with a $141 price target for the San Antonio-based regional bank, a 8.75% downside from the current price.

By EarningsIQ Research Desk · Published Jun 29, 2026, 2:03 PM EDT · Updated Jul 1, 2026, 3:01 PM EDT

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Morgan Stanley rated Cullen/Frost Bankers, Inc. ($CFR) "sell" with a $141 price target on June 29, 2026.

Since the rating, $CFR is up 1.0% after 1 week, up 7.9% after 1 month and up 0.8% to date (from the $153.78 close on Jun 29, 2026).

CFR Cullen/Frost Bankers, Inc.

$155.05 +23.54% year to date

Daily close · Oct 16, 2026

Key Points

Morgan Stanley reiterated its sell rating on Cullen/Frost Bankers (CFR) on June 29, 2026, keeping a price target of $141.00.
Morgan Stanley's $141 price target implies 8.75% downside from Cullen/Frost Bankers, Inc.'s ($CFR) current $154.52 share price.
The stock was trading around $154.52 on Monday, sitting between its 52-week low of $119.00 and its high of $170.80.
Despite the cautious analyst view, the company reported revenue of $2.26 billion and maintains a healthy net margin of 30.19%.

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Analysts Set New Price Targets

On June 29, 2026, Morgan Stanley analyst Manan Gosalia reiterated a sell rating for Cullen/Frost Bankers, Inc. (CFR) on the NYSE. The firm kept its price target at $141.00. This target suggests the analyst sees the stock potentially losing value from its recent levels, as the price stood at $154.52 this Monday.

While Morgan Stanley remained cautious in June, other firms have offered different takes later in the year. On October 14, 2026, Cantor Fitzgerald maintained a Neutral rating but lowered its price target from $175.00 to $167.00. Earlier that month, TD Cowen maintained a Buy rating on October 5, 2026, though it trimmed its target to $178.00 from $185.00. On September 28, 2026, Morgan Stanley itself actually showed a change in sentiment in a later report, maintaining an Overweight rating with a much higher $201.00 target, following an upgrade it issued on September 8, 2026. Across 14 analysts, the average price target is $174.43, and the general consensus is a hold.

Analyst rating track record

Morgan Stanley vs. the S&P 500

YTD return +40.15% hypothetical

All-time return +36.50% S&P 500 +33.97%

vs. S&P 500 +2.53% ahead of the index

Hypothetical returns from Morgan Stanley's disclosed trades, not real profit or advice. How we model this.

Cullen/Frost Stock Performance

Cullen/Frost shares have moved in a wide range over the last year, hitting a low of $119.00 and a peak of $170.80. This Monday, the stock traded at $154.52, which is below its 50-day moving average of $163.48 but still above the 200-day moving average of $145.29. The company has a total market value of about $9.87 billion. Investors often look at the P/E ratio — which compares the stock price to earnings — and Cullen/Frost currently trades at 15.0 times its past earnings.

12-month forecast

$CFR price target

Cullen/Frost Bankers, Inc. daily closes and this analyst's $141 target. Not advice.

Recent Earnings and Growth

In its most recent financial data, the bank brought in $2.26 billion in revenue, showing a growth rate of 6.1%. The company remains profitable with a net margin of 30.19% and a return on equity of 15.5%. Profit for the period came out to $10.58 per share. Shareholders can look for the next update when the company is expected to report earnings on October 29, 2026.

Dividend Information

The company pays its investors a yearly dividend of $4.12 per share, which leads to a 2.58% yield based on the current price. It uses about 38% of its profits to pay this dividend, a figure known as the payout ratio. This suggests the bank keeps a majority of its earnings to help fund its operations or future growth.

About Cullen/Frost Bankers

Cullen/Frost Bankers is a regional bank based in San Antonio, Texas. Founded in 1868, it operates through Frost Bank to provide basic checking and savings accounts alongside more complex services like commercial loans, insurance, and investment management. It focuses heavily on the Texas market, serving industries ranging from energy and manufacturing to healthcare and transportation.

What to Watch

Investors should monitor how the stock reacts to its upcoming earnings announcement in late October. While analyst targets for the company vary widely — from as low as $145.00 to as high as $200.00 — the bank's ability to grow its revenue in a shifting interest rate environment will be a key factor. Keep in mind that analyst ratings are opinions and can change quickly as new economic data arrives.