Bank of America Comments on KeyCorp

Bank of America has published a research report on KeyCorp (NYSE: KEY) maintaining their current evaluation.

In the report, Bank of America wrote, "KEY reported EPS of $0.26, handily beating our $0.19 estimate. The lion's share of the beat came from a ($8mn) provision versus our +$40mn estimate and further expense reductions from its Keyvolution initiative, with operating expenses 5% lighter than forecast. Top-line trends modestly missed our estimate by 1%, as lending revenues fell 2% shy but fee income beat by 1%. We await until after KEY's 9am ET conference call to revisit our estimates."

Bank of America rated KeyCorp at Neutral with a price target of $8.50. KeyCorp closed Monday at $7.73.