KeyCorp upgraded to Peer Perform from Underperform at Wolfe Research

Wolfe Research analyst Bill Carcache upgraded KeyCorp to Peer Perform from Underperform without a price target. The analyst says upside from “higher-for-longer” interest rates is roughly in balance with the risks associated with the bank’s capital shortfall position. The firm sees a greater likelihood of higher-for-longer rates extending well into 2024 and expects KeyCorp to enjoy greater net interest margin tailwinds.