Zacks Investment Research upgraded shares of BOK Financial Corporation (BOKF) from UNDERPERFORM to NEUTRAL on January 13, 2014, with a target price of $68.00.
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.
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