BOK Financial, Old Second Bancorp upped, Texas Capital cut at Raymond James (NASDAQ:BOKF)
Raymond James upgraded BOK Financial (NASDAQ:BOKF) and Old Second Bancorp (NASDAQ:OSBC) and downgraded Texas Capital Banshares (NASDAQ:TCBI) ahead of Q1 earnings.
“Bank stocks are attractive overall, although credit risk remains the largest hurdle to overcome for investors and should be analyzed on a bank-by-bank basis,” Raymond James analysts wrote in a note to clients.
BOK Financial (BOKF) was raised to Outperform from Market Perform as Raymond James analysts expect the bank’s 2024 guidance, which doesn’t include any rate cuts, “will prove conservative and thus will lead to Street estimates moving higher.”
Old Second Bancorp (OSBC) went to Strong Buy from Outperform after its material underperformance since Raymond James downgraded the stock on Jan. 3. OSBC shares fell 10%, compared with the Nasdaq Bank Index’s 1% increase and the S&P 500’s 12% rise.
Texas Capital Bancshares (TCBI) was cut to Market Perform from Outperform as “it now believes that revenue headwinds that impacted Q423 results will linger longer than anticipated.”
In late Thursday morning trading, Old Second Bancorp (OSBC) stock gained 2.6%, BOK Financial (BOKF) rose 1.6%, and Texas Capital Bancshares (TCBI) increased 0.7%.
For a look at other ratings on the mentioned banks:
More on BOK Financial, Old Second Bancorp, etc.
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