Jefferies analyst David Chiaverini upgraded the rating on Bok Financial to a Buy today, setting a price target of $135.00.
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David Chiaverini has given his Buy rating due to a combination of factors including an improving deposit base, strong fee momentum, and solid loan growth. BOK Financial is expected to experience stable-to-improving non-interest-bearing deposit mix, which should help in reducing funding costs. The bank’s loan growth is projected to be above average, particularly in the strong-performing markets of Texas and Oklahoma, which are key contributors to its portfolio.
Moreover, BOK Financial’s fee income is a significant strength, accounting for a much larger share of total revenue compared to its peers, and is expected to benefit from lower medium-term rates. The bank’s strong capital position also provides flexibility for potential buybacks and organic growth. Additionally, the economic growth in Texas and Oklahoma, where nearly half of BOK Financial’s loans are concentrated, further supports the positive outlook for the bank’s performance.
Chiaverini covers the Financial sector, focusing on stocks such as Bok Financial, Comerica, and Fifth Third Bancorp. According to TipRanks, Chiaverini has an average return of -2.7% and a 47.03% success rate on recommended stocks.