Jefferies is out with its report today on KeyCorp KEY, lowering its PT from $10 to $9.50.
In a note to clients, Jefferies writes, "Our price target of $9.50 is established by applying a 1.1x multiple to KEY's current tangible book value per share of $8.59. This is below the bank's historical multiple of 1.8x (from 2001-10) to account for a lower post-cycle return profile. Downside risks include a reversal of recent credit trends and greater-than-expected loan balance declines."
Jefferies maintains Hold on KEY.
Shares of KEY closed Monday at $8.59.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in