Keefe, Bruyette & Woods Downgrades KeyCorp (KEY) to Underperform; Loan Growth Was Strong but PTPP Disappoints

Keefe, Bruyette & Woods downgraded KeyCorp (NYSE: KEY) from Market Perform to Underperform with a price target of $8.00.

KBW analyst says, "Operating results of $0.23 beat our number and the Street. Capital levels remain strong with a tier one common ration of 11.3%. That said, the earnings beat is largely due to a negative provision, which we believe will be a headwind going forward. Due to our expectations for limited EPS growth and a premium valuation on earnings, we are downgrading the shares to UP."

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 $8.13 yesterday.

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