BTIG Maintains Buy on KeyCorp after 4Q Earnings

BTIG has published a research report on KeyCorp (NYSE: KEY) after the company reported better-than-expected 4Q earnings.

In the report, BTIG writes, "Two consecutive quarters of period-end loan growth (for the first time since 4Q08) driven by a 5.4% increase in commercial, financial and agricultural (CF&A) loans and flattish NIM may not seem all that inspiring at first blush. However, at 0.89x 4Q11 per share tangible book value (TBV) – an almost 40% discount to peers – the stock continues to trade as if KEY was still under crisis-level pressure rather than stabilizing, returning to growth mode, and positioning for a potentially meaningful return of capital to shareholders."

BTIG maintains its Buy rating and $10.50 price target on KeyCorp, which is currently trading up $0.05 from yesterday's $8.13 closing price.