Compass Point Reiterates a 'Buy' on KeyCorp (KEY); Been Waiting For That Cost Initiative
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Price: $23.31 --0%
Rating Summary:
22 Buy, 16 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 12 | New: 19
Rating Summary:
22 Buy, 16 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 12 | New: 19
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Compass Point reiterates a 'Buy' on KeyCorp (NYSE: KEY) price target of $9.50 (from $8.75).
Analyst, Mike Turner, said, "2Q12 results were solid and beat expectations due to higher fee income and lower provision expense. More importantly, management announced a new cost initiative that is expected to save the company $150MM to $200MM annually by the end of 2013. The announcement marks one of the few positive catalysts we have been waiting for and will provide a more meaningful step towards achievement of their 60%-65% efficiency ratio."
FY12 EPS estimates from $0.76 to $0.86 and FY13 from $0.82 to $0.83.
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 $7.83 yesterday.
Analyst, Mike Turner, said, "2Q12 results were solid and beat expectations due to higher fee income and lower provision expense. More importantly, management announced a new cost initiative that is expected to save the company $150MM to $200MM annually by the end of 2013. The announcement marks one of the few positive catalysts we have been waiting for and will provide a more meaningful step towards achievement of their 60%-65% efficiency ratio."
FY12 EPS estimates from $0.76 to $0.86 and FY13 from $0.82 to $0.83.
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 $7.83 yesterday.
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