Citi Downgrades Keycorp (KEY) to Hold; Lowers Price Target & Estimates
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Citi downgrades Keycorp (NYSE: KEY) from Buy to Hold. Price target lowered from $10 to $8.
Citi analyst says, "While there is not a lot of clarity surrounding the stress test, we do believe under the assumptions in the WSJ combined with relatively weak results today that there is increased uncertainty regarding Key's capital levels and we no longer feel comfortable recommending adding to positions. Without knowing what level the regulators are targeting, it's difficult to pinpoint dilution, so we do not view a Sell rating as warranted as the stock is clearly already embedding some dilution. Lowering our '09 est by $1.35 (mainly due to the 1Q miss) and our 2010 estimate by $0.30 largely to reflect weaker NIM and credit quality."
KeyCorp is a bank holding company and a financial holding company. KeyCorp is the parent holding company for KeyBank National Association (KeyBank), its principal subsidiary, through which its banking services are provided.
To see more analyst ratings on KEY Click Here.
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