KeyCorp downgraded to Neutral on lack of catalysts at UBS

UBS analyst Erika Najarian downgraded KeyCorp to Neutral from Buy with a price target of $15, down from $16. The analyst says multiple expansion is required for more compelling upside potential. KeyCorp’s net interest income recovery story from the maturity of poorly timed swaps and investments is well understood by the market, and has been priced into shares, the analyst tells investors in a research note. UBS says the bank’s lighter capital positioning relative to peers will prevent more significant multiple expansion. The stock is “out of catalysts for now,” contends the firm.