Piper Jaffray Downgrades KeyCorp (KEY) to Neutral
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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."
Shares of KeyCorp closed at $12.32 yesterday.
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