BUZZ-Citi upgrades KeyCorp to 'buy' on valuation

Reuters
03-11
BUZZ-Citi upgrades <a href="https://laohu8.com/S/KEY">KeyCorp</a> to 'buy' on valuation

** Citi Research upgrades U.S. regional lender KeyCorp KEY.N to "buy" from "neutral" on attractive valuation and solid fundamentals following the recent pullback across the banking sector

** Brokerage says with credit concerns mounting amidst recently elevated worries of a weakening macro backdrop, KEY should be a safe haven due to below average credit risk

** KEY has the lowest consumer exposure within Citi's bank coverage universe, which the brokerage believes should limit market fears from a potentially softening macroeconomic conditions

** Citi maintains $20 PT on KEY, a 27% upside to stock's last close

** Ten of 23 brokerages rate the stock "buy" or higher and 13 "hold"; median PT is $20 — LSEG data

** KEY stock down 12% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com))

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