Nomura Securities maintains a 'Reduce' on KeyCorp (KEY); Strong Balance Sheet, Weak Income Statement

Nomura Securities maintains a 'Reduce' on KeyCorp (NYSE: KEY), PT $8.

Nomura analyst, Brian Foran, said, "The core debate on KEY remains strong balance sheet trends vs. weak income statement trends. We remain concerned that core earnings power is declining, and in 1Q core loans continued to shrink. Moreover, despite nice cost control, pre-provision earnings came in below guidance. All that said, we recognize the stock is at 1x tangible book and KEY has good credit and high capital...Despite trading at 1x tangible, KEY trades at 11x normalized earnings and pre-provision is slipping."

For more ratings news on KeyCorp click here and for the rating history of KeyCorp click here.

Shares of KeyCorp closed at $8.82 yesterday.

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