UPDATE: Jefferies Lowers PT on KeyCorp to $9.50 (KEY)

Jefferies is out with its report today on KeyCorp

, 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.