KeyCorp (KEY) PT Raised to $20 at DA Davidson

DA Davidson analyst Peter Winter raised the price target on KeyCorp (NYSE: KEY) to $20.00 (from $19.00) while maintaining a Buy rating.

The analyst comments "Stage is set for peer leading positive leverage in 2025 as KEY maintained its 2025 NII outlook of 20%+ growth, with strong momentum in fee income, led by investment banking and expense growth of low to mid-single digits. 4Q expenses will come in much higher than forecast, but some of those costs are 1-time in nature, including several investment opportunities to get a head start on 2025. On the credit front, KEY believes NPAs are close to peaking and expects criticized loans to decline further. Plus, capital levels have strengthened. Maintain BUY, and raising our PT to $20 (was $19)= target P/E multiple of 12.0X our '25 EPS forecast of $1.57."

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