Oneok upgraded to Buy from Hold at Jefferies

Jefferies upgraded Oneok (OKE) to Buy from Hold with a price target of $98, up from $85. The firm says the market is “complacent” on Oneok’s “tail risk” as the Iran conflict raises the odds of a higher structural crude risk premium. Even if volumes lag in the short-term, Oneok has “tangible upside” via butane blending,, location spreads and potential Bakken leverage in fiscal 2027, the analyst tells investors in a research note. Jefferies finds the stock attractive at current levels.