Baird downgraded KeyCorp to Neutral from Outperform with a price target of $17, down from $18. The firm sees a more balanced risk/reward after the stock’s notable outperformance since its March 2023 upgrade. KeyCorp shares are up 63% over the last year, more than double the broader market, the analyst tells investors in a research note. As such, Baird believes near-term upside is limited at current prices.
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