Zacks Upgrades BOK Financial Corp. to Neutral (BOKF)
BOK Financial Corp. (NASDAQ:BOKF) was upgraded by Zacks from an “underperform” rating to a “neutral” rating in a research report issued on Monday, AmericanBankingNews.com reports. The firm currently has a $68.00 price target on the stock. Zacks‘ price objective indicates a potential upside of 5.64% from the company’s current price.
Zacks‘ analyst wrote, “We have upgraded our long-term recommendation on BOK Financial to Neutral from Underperform based on its diversifying efforts and steady capital deployment activities. However, the company’s third-quarter 2013 earnings were below the Zacks Consensus Estimate. Results reflected lower net interest revenues. However, a decrease in both operating expenses and net charge-offs were the tailwinds. We believe the company’s diverse revenue mix and favorable geographic footprint will drive further growth. In fact, strategic expansions and a local leadership-based business model helped the company to transform from a bank in Oklahoma to a leading financial service provider. However, a low interest environment, regulatory pressures and risks emanating from its private label mortgage backed securities portfolio remain concerns.”
A number of other firms have also recently commented on BOKF. Analysts at DA Davidson cut their price target on shares of BOK Financial Corp. from $70.00 to $67.00 in a research note to investors on Thursday, October 31st. They now have a “neutral” rating on the stock. Analysts at BMO Capital Markets reiterated a “market perform” rating on shares of BOK Financial Corp. in a research note to investors on Thursday, October 31st. They now have a $63.00 price target on the stock, down previously from $65.00. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $67.57.
BOK Financial Corporation is a financial holding company. BOK Financial offers service banking in Oklahoma, Texas, New Mexico, Northwest Arkansas, Colorado, Arizona, and Kansas/Missouri.
To view Zacks’ full report, visit www.zacks.com
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