Piper Jaffray Downgrades KeyCorp (KEY) to Neutral
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
- Rockwell Automation (ROK) Said to Attract Takeover Interest from Schneider Electric - Source
- British American Tobacco Offers to Acquire Remaining Shares of Reynolds American (RAI) for $56.50/Share
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Piper Jaffray downgraded KeyCorp (NYSE: KEY) from Overweight to Neutral with a price target of $13.00 (from $14.50).
Analyst Kevin J. Barker commented, "We are increasingly concerned about KEY's capacity to hit Street estimates of $1.25 in FY17 and $1.43 in FY18. Thus, we would expect the stock to have a difficult time outperforming peers as estimates continue to move lower over the next several months. While we expect KEY to hit its FNFG cost-saving targets over the long-term, we expect the next several quarters to be noisy as the Street resets expectations lower. We are lowering our estimates by $0.05/share in FY17 and FY18 due to revenue headwinds from a flattening yield curve. We would be more positive on the stock if Street estimates declined closer to our estimates, and we had more visibility into KEY returning a larger amount of excess capital to shareholders in the next CCAR."
Shares of KeyCorp closed at $12.32 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Imperial Capital Raises Price Target on Proofpoint (PFPT) Following Strong 3Q Results
- SunTrust Raises Price Target on E*TRADE Financial (ETFC) to $31 Following Solid 3Q
- Microsoft (MSFT): Still Grossly Overvalued - Jefferies
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change, Downgrades
Related EntitiesPiper Jaffray
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!