BOK Financial (BOKF) PT Lowered to $114 at Stephens

Stephens analyst Matt Olney lowered the price target on BOK Financial (NASDAQ: BOKF) to $114.00 (from $116.00) while maintaining a Equal Weight rating.

The analyst comments "BOKF's 3Q24 results were highlighted by solid NII, inline fees and lower LLP expense that drove EPS beat to consensus forecast. We’re surprised to see loan balances contract (lower utilization rates from C&I and energy customers) but we expect trends to improve in 2025. Despite the slower loan growth, the updated 2024 guidance calls for improving NII/NIM trends in the near-term, offset by softer fee income. Our updated forecast assumes mid-single-digit growth of PPNR in 2025 and 2026 as we believe the company is positioned for positive operating leverage within our baseline assumption of stable macro environment with steady decline of interest rates. Our rating is EqualWeight and our $114 price target (was $116) represents 13x our 2026 EPS forecast and 1.5x our 12-month TBVPS."

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