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UPDATE: Citigroup Maintains Buy, Reduces PT to $8.50 on KeycCorp on Lower NIMs

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Citigroup reiterates its Buy rating on KeyCorp (NYSE: KEY) but reduces its price target from $10 to $8.50.

Citigroup says, "We reduce our 2012, 2013 and 2014 NIM estimates by 1 bps, 5 bps and 11 bps respectively to 3.17% in 2012, 3.13% in 2013 and 3.08% in 2014. This compares to 3.16% at the end of 1Q12. … In the hypothetical case that rates remain flat through 2014, we estimate that 2012, 2013 and 2014 estimates would be roughly unchanged vs our new estimates."

KEY closed at $7.15 on Thursday.

Posted-In: CitigroupAnalyst Color Price Target Reiteration Pre-Market Outlook Analyst Ratings

 

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