BOK Financial upgraded to Buy from Neutral at DA Davidson

DA Davidson upgraded BOK Financial to Buy from Neutral with a price target of $124, up from $113. The bank is well positioned for lower rates, says the firm, which has a “stronger conviction” in its second half of 2024 and 2025 EPS estimates at the top-end of consensus. In July, BOK lowered its revenue outlook as management was assuming only one rate cut in the second half versus two cuts in April’s forecast. However, given the 50 point rate cut in September and the forward curve implying several more rate cuts by the end of next year, the firm is assuming BOK will provide a more positive revenue outlook, the analyst tells investors.