KeyCorp price target raised to $16 from $15 at Argus

Argus analyst Stephen Biggar raised the firm’s price target on KeyCorp to $16 from $15 and keeps a Buy rating on the shares after its Q1 results. The company lending balances have generally improved, but were down 3% in 2023 as part of the management’s balance sheet optimization, the analyst tells investors in a research note. The firm adds that KeyCorp has seen greater utilization of commercial loans and benefits from the 2021 launch of Laurel Road for Doctors, a national digital bank that offers savings accounts, stating that this is an attractive segment as clients typically have high income and credit scores. Argus further note that shares are favorably valued at 12.4-times its 2024 EPS estimate, which is below the stock’s historical average.