UPDATE: KBW Assumes Coverage of BOK Financial at Market Perform

KBW is out with its report today on BOK Financial BOKF, assuming coverage of BOKF at Market Perform. In a note to clients, KBW writes, "We are assuming coverage of BOK Financial with a Market Perform rating and $55 12-month price target. We view the company as a solid operator with a well-diversified structure. The company hopes to make an in-market acquisition to use up excess capital; however, it believes sellers' expectations remain elevated. Barring one or more deals, lack of growth and excess capital may weigh on profitability, in our view."