KeyCorp

CFRA Keeps Strong Sell Opinion On Shares Of Keycorp

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We increase our target by $1 to $8, 6.6x our 2024 EPS estimate, below KEY’s five-year forward P/E average of 10.1x given a severely dampened earnings outlook. We increase our 2023 EPS estimate by $0.04 to $1.14 and raise 2024’s by $0.07 to $1.21. KEY posted Q3 EPS of $0.29 versus $0.55 a year ago, $0.02 above consensus. Net interest income (-6% Q/Q) continued its downward plunge with Q3 2023’s $923 million marking the lowest level in seven years. Given KEY is looking to increase capital (CET1 ratio jumped 50 bps to 9.8%), we saw loan balance drop 3%, with business loans (-4%) showing particular weakness. While interest rates surged in the quarter, KEY saw its AOCI losses rise 10% to $6.6 billion (81% of KEY’s tangible […]

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