BOK Financial cut to Neutral at DA Davidson on valuation

DA Davidson downgraded BOK Financial (BOKF) to Neutral from Buy with a price target of $135, up from $125, after its Q4 results. The firm’s 2026 and 2027 EPS forecast are the highest among analysts as it believes the stage is set for strong revenue growth over the next 2-years, led by continued net interest margin expansion, forecasting above average loan growth, diverse fee income businesses, while expense growth should moderate, the analyst tells investors in a research note. DA Davidson adds that while it is also raising its FY26 EPS view by 79c to $9.87 and FY27 view by 95c to $10.58, its downgrade reflects the stock’s valuation relative to its peer bank group.