Piper Jaffray Downgrades KeyCorp (KEY) to Neutral

August 29, 2016 6:32 AM EDT
Get Alerts KEY Hot Sheet
Price: $17.69 -0.95%

Rating Summary:
    19 Buy, 15 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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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."

For an analyst ratings summary and ratings history on KeyCorp click here. For more ratings news on KeyCorp click here.

Shares of KeyCorp closed at $12.32 yesterday.

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