Sterne Agee Initiates Coverage of KeyCorp

Sterne Agee has issued a report initiating coverage of KeyCorp

with a Neutral Rating. According to the report, “In short, our sense is that investors have already paid for the credit quality improvement at KEY. At the same time, any potential sale of the company seems pretty remote, particularly given the sluggish economic landscape and presumably wide bid asked spread.” KEY has a $10 Price Target and closed at $8.93 yesterday.