BofA Raises ONEOK Price Target to $96, Maintains Buy Rating

Bank of America (BofA) raised its price target for ONEOK, Inc. (NYSE:OKE) to $96 from $94 on May 27, while maintaining a Buy rating. The adjustment came after a fiscal Q1 earnings recap for the midstream group, where analysts noted strong performance.

Recommendation Change

• Previous: Buy with $94 price target.
• Current: Buy with $96 price target.

Analyst Rationale

BofA sees ONEOK as well-positioned in the midstream sector, with stable cash flows and expansion projects supporting growth. The Q1 results showed solid operational performance, boosting confidence in the company's ability to meet its targets.

Context

ONEOK (NYSE:OKE) is considered one of the best NYSE stocks for long-term investment, according to BofA. The stock has performed positively recently, supported by rising demand for midstream services.

Conclusion

The price target increase reflects BofA's positive outlook on ONEOK, but investors should consider risks related to the energy sector and market volatility.