RBC Capital raised the firm’s price target on KeyCorp to $16 from $15 and keeps an Outperform rating on the shares after its Q1 results, saying the company has kicked off the year with a “solid quarter”. KeyCorp’s net interest margin has likely bottomed in Q3 of 2023, and Q1 should be the low point in net interest income, setting it up for a positive increase in over the next six quarters, the analyst tells investors in a research note. KeyCorp should also continue their conservative management of credit and perform stronger than the last credit cycle, the firm added.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on KEY:
- Options Volatility and Implied Earnings Moves Today, April 18, 2024
- KeyCorp sees FY24 NII down 2%-5% vs. FY23
- KeyCorp reiterates long-term targets
- KEYCORP REPORTS FIRST QUARTER 2024 NET INCOME OF $183 MILLION, OR $.20 PER DILUTED COMMON SHARE, WITH $.02 IMPACT FROM THE FDIC SPECIAL ASSESSMENT(a)
- KeyCorp reports Q1 EPS 20c, consensus 22c
Questions or Comments about the article? Write to editor@tipranks.com