Citi Reiterates Buy Rating on KeyCorp (KEY), 'Overall good quarter'
Citi analyst Keith Horowitz reiterated a Buy rating and $19.00 price target on KeyCorp (NYSE: KEY).
The analyst comments "KEY reported core PPNR largely in line with our estimates (consensus clouded due to securities repositioning) with NII in line and while fees (-1c) and expenses (+2c) mostly offset. Mgmt. sees 4Q NII exit rate inclusive of securities repositioning at $1,020+ mil (vs. VA consensus at $1,031 mil) and NIM of ~2.40%. Upward guidance revisions to full year fee and expense guide should be largely offsetting. NCOs ticked up in the quarter and mgmt. now expects 2024 NCOs in the 35-40bps range, but released reserves during the quarter. CET1 was up 30bps to 10.8% as RWAs were down 2%. Overall good quarter."
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Shares of KeyCorp closed at $17.70 yesterday.