UPDATE: JP Morgan Raises PT on KeyCorp on Valuation
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 2016||Wedbush||Initiates Coverage on||Outperform|
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