KeyBanc (KEY) – Analysts’ Weekly Ratings Changes
A number of firms have modified their ratings and price targets on shares of KeyBanc (NYSE: KEY) recently:
- KeyBanc had its “hold” rating reaffirmed by analysts at Jefferies Group. They now have a $9.00 price target on the stock.
- KeyBanc was downgraded by analysts at Sandler O’Neill from a “buy” rating to a “hold” rating.
- KeyBanc was upgraded by analysts at Zacks from a “neutral” rating to an “outperform” rating. They now have a $10.00 price target on the stock. Zacks‘ analyst wrote, “We are upgrading our recommendation on KeyCorp to Outperform based on its recent announcement of cost cutting initiatives. Moreover, the company’s second quarter 2012 earnings surpassed the Zacks Consensus Estimate by a nickel. Better-than-expected results were aided by stable non-interest income, continued improvement in credit quality and robust capital ratios. However, these positives were partly offset by lower net interest income and rising operating expenses. We expect the company’s business restructuring actions to continue to fuel its credit quality and liquidity. Though the approval for the company’s capital plan highlights its sound capital position, we remain wary of the persisting slow economic recovery, stringent regulatory restrictions and the low interest rate scenario. Nevertheless, we are optimistic on the company’s strong balance sheet and improved market share. “
- KeyBanc had its “underweight” rating reaffirmed by analysts at Barclays Capital. They now have a $9.00 price target on the stock.
- KeyBanc was downgraded by analysts at Deutsche Bank from a “buy” rating to a “hold” rating. They now have a $9.00 price target on the stock.
- KeyBanc had its price target raised by analysts at JPMorgan Chase from $9.00 to $9.50. They now have an “overweight” rating on the stock. They wrote, “KeyCorp is a turnaround story with a relatively new CEO at the wheel (Beth Mooney). Despite the company putting up relatively decent operating results over the past several quarters, the stock has underperformed peers. We believe this lack of enthusiasm from the market is based in the company’s historical roots of being a laggard on profitability metrics as well as the substantial erosion of tangible book value occurring over the past several years. Furthermore, with an internally promoted individual to the CEO role, KEY appears to be a ‘show me’ type of stock. To this end, we think the market is currently too pessimistic on KEY shares and that the implementation of a back-to-basics strategy by the new CEO should lead to an improvement in shareholder value over the longer term.”
- KeyBanc had its “market perform” rating reaffirmed by analysts at FBR Capital. They now have a $8.00 price target on the stock.
- KeyBanc had its “neutral” rating reaffirmed by analysts at Goldman Sachs. They now have a $9.00 price target on the stock.
KeyBanc traded down 1.60% on Tuesday, hitting $8.61. KeyBanc has a 52-week low of $6.21 and a 52-week high of $9.12. The company has a market cap of $8.123 billion and a price-to-earnings ratio of 9.98.
KeyCorp is a bank holding company for KeyBank National Association (KeyBank). Through KeyBank and certain other subsidiaries, the Company provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance and investment banking products and services to individual, corporate and institutional clients through two business segments: Key Community Bank and Key Corporate Bank.