Texas-based Cullen/Frost Bankers is one of the best "pure-play" stocks for investors looking to bet on growth in the Lonestar state, according to Bank of America. Analyst Ebrahim Poonawala upgraded the under-the-radar bank stock to buy from neutral, saying in a note to clients Thursday that the recent pullback in the stock creates an attractive opportunity for investors to gain exposure to a company dominating deposit market share in Texas. "We view CFR as ap high-quality bank with a proven history of conservative balance sheet management, high quality franchise, and attractive Texas footprint," he wrote. "We think the relationship business model should shine in a structurally higher interest rate backdrop and drive superior returns as overnight cash should provide ample flexibility to navigate a tightening environment for deposit liquidity." Poonawala also cited the company's deposit franchise, along with its underwriting standards and below average credit losses as reasons for liking the stock. This attribute should also position the company to adequately weather a looming downturn. "A loan-to-deposit ratio of 36% combined with approximately 26% of average earning assets held in overnight cash provide ample flexibility to navigate a tightening environment for deposit liquidity … while also continuing to benefit from Fed rate hikes," he added. Shares of Cullen/Frost rose 6% in 2022 as other stocks took a tumble, but pulled back a little over 15% since the end of October. The bank's $155 price target suggests shares stand to gain 18% from Wednesday's close price. — CNBC's Michael Bloom contributed reporting.