KeyCorp price target lowered to $16 from $17 at DA Davidson

DA Davidson lowered the firm’s price target on KeyCorp to $16 from $17 but keeps a Buy rating on the shares. The company’s Q4 earnings miss included several nonrecurring charges for a net loss of 22c, and its core EPS of 25c beat expectations, the analyst tells investors in a research note. The management guided to positive operating leverage in 2024, though the bank’s net interest income will be starting off lower than expected in the first half of the year as KeyCorp reduced risk weighted assets more than expected, the firm added.