KeyCorp Gets Analyst Upgrade Due To Superior Balance Sheet, Net Interest Income
Portfolio Pulse from Priya Nigam
KeyCorp (NYSE:KEY) received an analyst upgrade from Terry McEvoy of Stephens from Equal Weight to Overweight, maintaining a price target of $16.50. The upgrade is based on KeyCorp's strong balance sheet and anticipated net interest income growth, which is expected to outperform peers from 2023 to 2025. Despite the sector's pressure from bank failures earlier this year, KeyCorp's position is seen as superior. Shares of KeyCorp were down 1.9% to $14.08 on Wednesday.
December 20, 2023 | 9:49 pm
News sentiment analysis
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NEUTRAL IMPACT
The KBW Nasdaq Bank Index (NASDAQ:BKX) is mentioned as a benchmark, with KeyCorp underperforming the index with an 18% decline year to date versus around a 5% decline in BKX.
BKX is used as a reference point for KeyCorp's performance. The news does not directly impact BKX, but it provides context for KeyCorp's stock movement.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
KeyCorp was upgraded by Stephens analyst Terry McEvoy from Equal Weight to Overweight with a stable price target of $16.50, based on its strong balance sheet and expected net interest income growth.
The upgrade reflects a positive outlook on KeyCorp's financial health and growth prospects, which could lead to increased investor confidence and a potential rise in the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100