UPDATE: UBS Upgrades KeyCorp (KEY) to Buy

(Updated - February 5, 2016 8:48 AM EST)

UBS upgraded KeyCorp (NYSE: KEY) from Neutral to Buy and raises its price target to $14 form $13.50.

Analyst David Eads commented, "In our companion report "Let's all just take a breath", we laid out our view that bank stocks have already underperformed to roughly the same degree as we would expect in a typical downturn. We see current valuations reflecting expectations for credit deterioration and little, if any, benefit from additional rate hikes. Valuations imply roughly 15% downside to current consensus for the group, and KEY's implied downside is towards the high end of the group. However, we see KEY's earnings risk as lower than average due to their strong organic growth trajectory and relatively low energy exposures, making this an especially attractive opportunity."

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 $10.91 yesterday.

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