BOK Financial (BOKF) PT Raised to $97 at DA Davidson

DA Davidson analyst Peter Winter raised the price target on BOK Financial (NASDAQ: BOKF) to $97.00 (from $90.00) while maintaining a Neutral rating.

The analyst commented: "It was an all-around solid quarter, along with a slightly more positive earnings outlook vs. our more cautious initial forecast. Consequently, we are significantly raising our EPS estimates. BOKF increased the 2024 NII outlook from near $1.2B to now "just over" $1.2B. NII continued to decline in 1Q24, but the pace of decline moderated. Importantly, BOKF noted NII and margin bottomed in 1Q24. Credit quality trends were excellent with low NCO's and a decline in nonperforming assets. Maintain NEUTRAL; solely due to valuation, we raised our PT to $97 (was $90) = target P/E of 11.8X our '25 EPS forecast of $8.58 (was $8.14), discounted by 5%."

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