UPDATE: Jefferies Reiterates Hold Rating, Raises PT on KeyCorp
In a report published Friday, Jefferies & Company reiterated its Hold rating on KeyCorp (NYSE: KEY), and slightly raised its price target from $8.50 to $9.00.
Jefferies noted, “The core pre-provision starting point was a little softer than expected, but the new $150mm-$200mm cost program more than offsets. As a result, we take our '12 and '13 ests. to $0.85 (from $0.75 and $0.78, respectively). Trading at 0.84x tangible book value, KEY has downside support from strong capital and credit quality, but it could be range-bound until it shows a better pre-provision progression. Target to $9 (from $8.50).”
KeyCorp closed on Thursday at $7.91.
Latest Ratings for KEY
|Jul 2016||FBR Capital||Upgrades||Market Perform||Outperform|
|Jul 2016||Morgan Stanley||Upgrades||Equalweight||Overweight|
|Apr 2016||Morgan Stanley||Assumes||Equal-weight|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.