KeyCorp (KEY) has had several significant events in recent times according to various reports. The company Q3 earnings missed market expectations, but still outperformed competitors on a strong trading day.
Goldman Sachs reiterated their buy rating while Baird downgraded the status to neutral seeing limited near-term upside. KeyCorp's
stock price target was increased to $18 by RBC Capitals and Barclays projected it at $19. A notable event was when Canada's
Scotiabank bought a 14.9% stake in the company, viewed by analysts as a good move providing a 'reset opportunity'. However, the company reported a net loss of $447 million for Q3 due to declining asset quality and a loss of $918m from asset sales but adjusted net income stood at $290 million. KeyCorp's
fee income is expected to aid Q3 earnings although higher provisions might cause harm. The company is also reducing its prime lending rate to 8.00%. Despite extensive restructuring, the company's stock was still performing well, hitting a 52-week high while
short interest was down 11.1% in September.
Keycorp KEY News Analytics from Thu, 22 Feb 2024 08:00:00 GMT to Sat, 19 Oct 2024 21:03:24 GMT -
Rating 5
- Innovation 2
- Information -3
- Rumor -7
