** Hovde Group downgrades U.S. regional lender BOK Financial Corp BOKF.O to "market perform" from "outperform"

** Brokerage says recent valuation improvement leave limited upside versus peers despite improving net interest margin and fee income in Q3 2025

** Hovde says BOKF merits a premium to peers on strong fee businesses; adds the bank is a less likely M&A player

** Brokerage says BOKF should focus on strong deposit franchises that are very scarce, and there is likely to be some potential disruption opportunities from the Comerica–Fifth Third and Cadence–Huntington deals

** Meanwhile, brokerage raises PT to $129 from $122, basing valuation on 13x FY27E EPS amid expectations of ~9–10% organic earnings growth in the next two years

** 4 of 10 brokerages rate the stock "buy" or higher and 6 hold; their median PT is $119 — data compiled by LSEG

** As of last close, BOK up 13.3% YTD

(Reporting by Pragyan Kalita in Bengaluru)

((Pragyan.Kalita@thomsonreuters.com))