Barclays raised the firm’s price target on KeyCorp to $17 from $13 and keeps an Equal Weight rating on the shares. The analyst expects improved relative bank stock performance in 2024 as net interest income troughs amid stabilizing deposit trends and accelerating loan growth later in the year. Also, interest-bearing deposits fees should recover, while expenses are well controlled, the analyst tells investors in a research note. The firm believes large-cap banks will continue to recoup 2023’s underperformance in 2024 and that earnings momentum can improve as this year progresses and into 2025.
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