Compass Point Cuts Price Target on KeyCorp (KEY) Following Announced First Niagara (FNFG) Acquisition

UBS Cuts Price Target on KeyCorp (KEY) Ahead of FNFG Deal

November 2, 2015 11:07 AM EST

UBS maintained a Neutral rating on KeyCorp (NYSE: KEY), and cut the price target to $13.50 (from $16.00), ahead of FNFG deal. While the deal should allow KEY to improve its efficiency ratio, this benefit is blunted if it only leads to limited earnings accretion. Analyst David... More

Notable Analyst Rating Changes 11/2: (MGM) (ABBV) (KEY) Upgraded; (JMEI) (SBRA) (ANET) Downgraded

November 2, 2015 10:25 AM EST

UPGRADES
UBS moves MGM Resorts (NYSE: MGM) from Neutral to Buy and moves its price target from $23 to $27. Click Here for more color.

AbbVie (NYSE: ABBV) upgraded by two:

Goldman Sachs from Buy to Conviction Buy... More

Citi Upgrades KeyCorp (KEY) to Buy

November 2, 2015 8:44 AM EST

Citi upgraded KeyCorp (NYSE: KEY) from Neutral to Buy with a price target of $16.00.

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 $12.42 yesterday.

... More

Keefe, Bruyette & Woods Upgrades KeyCorp (KEY) to Outperform

November 2, 2015 7:33 AM EST

Keefe, Bruyette & Woods upgraded KeyCorp (NYSE: KEY) from Market Perform to Outperform with a price target of $15.50.

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 $12.42 yesterday.

... More

Goldman Sachs Upgrades First Niagara Financial (FNFG) to Neutral

November 2, 2015 7:06 AM EST

Goldman Sachs upgraded First Niagara Financial (NASDAQ: FNFG) from Sell to Neutral with a price target of $10.00.

For an analyst ratings summary and ratings history on First Niagara Financial click here. For more ratings news on First Niagara Financial click here.

Shares of First Niagara Financial closed at $10.35 yesterday.

... More

Standpoint Research Starts KeyCorp (KEY) at Buy

October 30, 2015 2:38 PM EDT

Standpoint Research initiated coverage on KeyCorp (NYSE: KEY) with a Buy rating and a price target of $15.00.

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 $13.38 yesterday.

... More

S&P Lowers Outlook on KeyCorp (KEY) to Negative Following Move to Acquire First Niagara (FNFG)

October 30, 2015 12:42 PM EDT

Standard & Poor's Ratings Services said it revised its outlook on KeyCorp (NYSE: KEY) and its bank subsidiary, KeyBank N.A., to negative from stable. We also affirmed our ratings on the entities, including the 'BBB+/A-2' holding company issuer credit ratings on KeyCorp and the 'A-/A-2' issuer credit ratings on KeyBank.

"The negative outlook is based on our view that although the acquisition of First Niagara Financial Group Inc. will broaden KeyCorp's commercial and retail banking franchise into overlapping and adjacent markets, we believe the substantial size and scope of the acquisition... More

Boenning & Scattergood Downgrades First Niagara Financial (FNFG) to Underperform

October 30, 2015 10:31 AM EDT

Boenning & Scattergood downgraded First Niagara Financial (NASDAQ: FNFG) from Neutral to Underperform.

For an analyst ratings summary and ratings history on First Niagara Financial click here. For more ratings news on First Niagara Financial click here.

Shares of First Niagara Financial closed at $10.38 yesterday.

... More

Notable Mergers and Acquisitions 10/30: (SWKS)/(PMCS) (KEY)/(FNFG) (OMCL)

October 30, 2015 9:50 AM EDT

* Skyworks Solutions, Inc. (Nasdaq: SWKS) and PMC-Sierra, Inc. (PMC) (Nasdaq: PMCS) announced that they have entered into an amended and restated merger agreement under which Skyworks has agreed to acquire PMC for $11.60 in cash per share of PMC common stock, an increase from its previous agreement to acquire PMC for $10.50 in cash per share of PMC common stock. The amended and restated merger agreement also provides for an increase in the termination fee from $70.0 million to $88.5 million. All other material terms of the merger agreement previously announced on... More

Pre-Open Stock Movers 10/30: (CRAY) (YRCW) (LNKD) Higher; (AAN) (CTRL) (SCTY) Lower (more...)

October 30, 2015 9:33 AM EDT

VirtualScopics (NASDAQ: VSCP) 50.8% HIGHER; reported Q3 EPS of ($0.02), versus ($0.33) reported last year. Revenue for the quarter came in at $3.22 million, versus $2.74 million reported last year.

... More

KeyCorp (KEY) to Acquire First Niagara Financial Group (FNFG) in ~$4.1B Deal

October 30, 2015 6:32 AM EDT

KeyCorp (NYSE: KEY) and First Niagara Financial Group (NASDAQ: FNFG) announced that they have entered into a definitive agreement under which KeyCorp will acquire First Niagara in a cash and stock transaction for total consideration valued at approximately $4.1 billion.

First Niagara, headquartered in Buffalo, N.Y., has $39 billion in assets and $29 billion in deposits and 394 banking offices in New York, Pennsylvania, Connecticut and Massachusetts. With approximately $135 billion of assets, the combined bank will be the 13th largest commercial bank headquartered in the U.S.

The... More