Keefe Bruyette analyst David Konrad upgraded KeyCorp to Outperform from Market Perform with a price target of $15, up from $12.50. The stock is trading at an 18% discount to peers on 2025 estimates and 14% discount on current tangible book value, the analyst tells investors in a research note. The firm believes the recent labor productivity and jobs reports are “game changers,” resulting in a material easing of the pressure on long-term rates and thus improved visibility on capital.
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