12:15 AM EDT, 04/26/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We decrease our 12-month target price by $10 to $140, 16.2x our 2025 EPS estimate, in line with CFR's 5-year forward P/E average of 16.2x. We lower our 2024 EPS estimate by $0.07 to $8.62 and 2025's by $0.05 to $8.63. CFR posts adjusted Q1 EPS of $2.15 vs. $2.70 a year ago, $0.03 above consensus. While we are still positive on CFR's prospects for market share gains in Texas, we lower our recommendation to Buy as deposit pressures have continued. In Q1, CFR's deposit balances fell 1% Q/Q (11% off 2022 highs), with the all-important noninterest-bearing balances falling 5%. Still, loan growth of 3% outperformed peers as the bank's net interest income came in flat vs. an industry that largely saw contraction. Expense pressures continued with salaries and wages surging 14% from a year ago. Credit quality was mixed as net charge-offs fell 8 bps Q/Q to 0.15%, while nonaccrual loans rose 5 bps to 0.37%. Still, CFR maintained its conservative profile and built up its CET1 ratio by 20 bps to 13.4%.