KeyBanc Receives Overweight Rating from JPMorgan Chase (KEY)
JPMorgan Chase reaffirmed their overweight rating on shares of KeyBanc (NYSE: KEY) in a report issued on Monday. They currently have a $10.50 target price on the stock, up from their previous target price of $10.00.
“Despite a new CEO repositioning the company in a more profitable direction long term, shares still trade at a sizable discount to peers. Even though there is risk to any turnaround story, with KEY shares trading at a 32% discount to peers on a P/TBV basis, we believe the bar is sufficiently low that even a modest improvement in operating performance could drive a much narrower discount valuation. In line with our increase in estimates, we are increasing our December 2013 price target from $10 to $10.50 which assumes the shares trade at 1.01x YE13 TBV of $10.44, or a 28% discount to peers.,” the firm’s analyst commented.
Shares of KeyBanc (NYSE: KEY) opened at 10.07 on Monday. KeyBanc has a 52 week low of $6.80 and a 52 week high of $10.16. The stock’s 50-day moving average is currently $9.57. The company has a market cap of $9.303 billion and a P/E ratio of 11.31.
A number of other analysts have also recently weighed in on KEY. Analysts at Sanford C. Bernstein reiterated an underperform rating on shares of KeyBanc in a research note to investors on Thursday, March 14th. They now have a $8.00 price target on the stock. Separately, analysts at Credit Agricole reiterated an outperform rating on shares of KeyBanc in a research note to investors on Wednesday, March 13th. They now have a $11.00 price target on the stock. Finally, analysts at FBR Capital reiterated a market perform rating on shares of KeyBanc in a research note to investors on Friday, March 8th. They now have a $8.00 price target on the stock.
Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of Hold and an average price target of $9.43.
KeyCorp is a bank holding company for KeyBank National Association (NYSE: KEY). 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.
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