KeyCorp price target lowered to $14 from $16 at RBC Capital

RBC Capital lowered the firm’s price target on KeyCorp to $14 from $16 and keeps an Outperform rating on the shares. The analyst cites an updated outlook provided at an investor conference calling for net interest income to fall 12% sequentially due to higher deposit betas resulting in continued net interest margin pressure. KeyCorp’s net interest income is still expected to benefit in 2024 from the repricing of its fixed receive swap derivatives and short term treasury portfolios, the firm added.