Wedbush Starts KeyCorp (KEY) at Outperform
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Wedbush initiates coverage on KeyCorp (NYSE: KEY) with a Outperform rating and a price target of $15.00.
Analyst Peter Winter commented, "KEY trades at the lowest P/E in our bank group at 10.0x vs. our regional bank median at 12.3x based on 2017 EPS estimates. The discount mainly reflects the integration risk of its acquisition First Niagara (FNFG), which closed on July 29. If Key can successfully integrate FNFG, it is expected to lead to above-average EPS growth and increase its profitability metrics (ROTCE and efficiency ratio) to slightly above peer averages."
Shares of KeyCorp closed at $12.73 yesterday.
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