Market Overview

UPDATE: JP Morgan Raises PT on KeyCorp on Valuation

Related KEY
Chris Verrone Shares His Opinion On Interest Rates And Banks
Benzinga's Top Downgrades
T Rowe Price's Best-Performing Stocks (GuruFocus)

JP Morgan analyst Steven Alexopoulos published a report on KeyCorp (NYSE: KEY) that maintained its Overweight rating and raised price target from $10 to $10.50.

JP Morgan reported that, “Despite a new CEO repositioning the company in a more profitable direction long term, shares still trade at a sizable discount to peers. Even though there is risk to any turnaround story, with KEY shares trading at a 32% discount to peers on a P/TBV basis, we believe the bar is sufficiently low that even a modest improvement in operating performance could drive a much narrower discount valuation. In line with our increase in estimates, we are increasing our December 2013 price target from $10 to $10.50 which assumes the shares trade at 1.01x YE13 TBV of $10.44, or a 28% discount to peers.”

Shares of KeyCorp closed at $10.11 on Friday.

Latest Ratings for KEY

Oct 2016WedbushInitiates Coverage onOutperform
Aug 2016PiperJaffrayDowngradesOverweightNeutral
Aug 2016CitigroupMaintainsBuy

View More Analyst Ratings for KEY
View the Latest Analyst Ratings

Posted-In: JP MorganAnalyst Color Price Target Analyst Ratings


Related Articles (KEY)

View Comments and Join the Discussion!