Jefferies Lifts Price Target on KeyCorp (KEY) Due to Solid Operating Trends
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Price: $14.54 -2.61%
Rating Summary:
24 Buy, 12 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
Rating Summary:
24 Buy, 12 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
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Jefferies is maintaining its Hold rating on shares of KeyCorp (NYSE: KEY) and is raising its price target slightly from $7.00 to $7.50.
The company's third quarter results indicate decent operating trends as expenses were lower than expected and loan growth was stronger than anticipated. To go inline with market trends and the third quarter upside, the firm is increasing its 2011 EPS estimate from $0.84 to $0.88 and its 2012 and 2013 estimates from $0.75 to $0.80.
An analyst at the firm comments, "The formalized Keyvolution cost saves program is winding down, but we expect KEY to keep a tight lid on expenses as an offset to the tough revenue environment. The company's target of 60%-65% efficiency seems aggressive by '13, but it should be within reach once higher interest rates lift NIM."
For more ratings news on KeyCorp click here and for the rating history of KeyCorp click here.
Shares of KeyCorp closed at $6.81 yesterday.
The company's third quarter results indicate decent operating trends as expenses were lower than expected and loan growth was stronger than anticipated. To go inline with market trends and the third quarter upside, the firm is increasing its 2011 EPS estimate from $0.84 to $0.88 and its 2012 and 2013 estimates from $0.75 to $0.80.
An analyst at the firm comments, "The formalized Keyvolution cost saves program is winding down, but we expect KEY to keep a tight lid on expenses as an offset to the tough revenue environment. The company's target of 60%-65% efficiency seems aggressive by '13, but it should be within reach once higher interest rates lift NIM."
For more ratings news on KeyCorp click here and for the rating history of KeyCorp click here.
Shares of KeyCorp closed at $6.81 yesterday.
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