Evercore Partners Comments on KeyCorp

Evercore Partners has published a report on KeyCorp (NYSE: KEY).

In the report, Evercore Partners wrote, "Overall, mixed results driven by strong credit, lower expenses, but top line lower than expected with spread revenue down 22.5% LQA due to lower earning assets and 6 bps of NIM compression. Sizable credit leverage resulted in a negative provision of ($8m) vs ($40m) last qtr with a $142m reserve release adding $0.15 of EPS (vs estimated release of $185m and $233m last qtr)."

Evercore Partners rated KeyCorp at Underweight with a price target of $8.00. KeyCorp closed Tuesday at $8.06.