KeyCorp price target lowered to $11.50 from $13.50 at Piper Sandler

Piper Sandler analyst R. Scott Siefers lowered the firm’s price target on KeyCorp to $11.50 from $13.50 and keeps a Neutral rating on the shares. Several large banks offered final intra-quarter updates for Q2 this week and on balance, there was “nothing too shocking,” the analyst tells in investors in a research note. Broadly weaker net interest income guides, increasing deposit beta expectations with negative mix shift weaker lending outlooks, a tough investment banking environment, generally good credit, and a focus on capital building were the highlights, says the firm. Piper’s favorite large regional bank is Fifth Third Bancorp (FITB), and it finds US Bancorp (USB) a “compelling value for patient investors.”