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KeyCorp (NYSE: KEY) was upgraded by research analysts at BMO Capital Markets from a “market perform” rating to an “outperform” rating in a report released on Wednesday, TheFlyOnTheWall.com reports. The firm currently has a $13.00 price target on the stock. BMO Capital Markets’ price objective suggests a potential upside of 21.27% from the stock’s previous close.

The analysts wrote, “In our view, KEY has finally gone back on the offensive after playing defense for several years. Also of note, KEY’s balance sheet is better positioned for rising interest rates than its asset sensitivity analysis indicates. KEY is leveraged to a sustainable economic recovery. We think that its efficiency initiative will finally start benefitting the bottom line in 2H13. Unlike most of its peers, KEY faces no revenue headwinds from the expected slowdown in mortgage banking. Finally, its best-in-class capital ratios will allow it to return substantial amounts of capital to shareholders.”

KeyCorp (NYSE: KEY) traded up 1.03% on Wednesday, hitting $10.83. KeyCorp has a 1-year low of $7.38 and a 1-year high of $11.06. The stock’s 50-day moving average is currently $10.59. The company has a market cap of $9.969 billion and a price-to-earnings ratio of 11.87.

KeyCorp (NYSE: KEY) last announced its earnings results on Thursday, April 18th. The company reported $0.22 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.19 by $0.03. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the company posted $0.21 earnings per share. On average, analysts predict that KeyCorp will post $0.87 earnings per share for the current fiscal year.

Other equities research analysts have also recently issued reports about the stock. Analysts at TheStreet reiterated a “buy” rating on shares of KeyCorp in a research note to investors on Thursday, June 20th. Separately, analysts at Zacks reiterated a “neutral” rating on shares of KeyCorp in a research note to investors on Thursday, June 13th. They now have a $11.00 price target on the stock. Finally, analysts at Sanford C. Bernstein reiterated an “underperform” rating on shares of KeyCorp in a research note to investors on Tuesday, May 28th. They now have a $9.00 price target on the stock.

Three research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and eight have given a buy rating to the stock. KeyCorp has an average rating of “Hold” and a consensus price target of $10.30.

KeyCorp is a bank holding company for KeyBank National Association (NYSE: KEY).

The Fly On The Wall

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