KeyCorp price target raised to $19 from $18 at Citi

Citi analyst Keith Horowitz raised the firm’s price target on KeyCorp to $19 from $18 and keeps a Buy rating on the shares after the bank announced a $2.8B minority equity investment from Scotiabank. One of the biggest overhangs for KeyCorp was its 7.3% proforma CET1, which Citi estimates is now closer to 9.2%, the analyst tells investors in a research note. The firm believes this issue “is cured” with Scotiabank investment and says the deal also underscores a “very clean credit quality book,” all of which is “very positive” for KeyCorp’s multiple.