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Bart Myers

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Bart Myers

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Tuesday, 04/19/2011 10:38:48 AM

Tuesday, April 19, 2011 10:38:48 AM

Post# of 125
Jefferies is out with its report today on KeyCorp (NYSE: KEY), lowering its PT from $10 to $9.50.

In a note to clients, Jefferies writes, "Our price target of $9.50 is established by applying a 1.1x multiple to KEY's current tangible book value per share of $8.59. This is below the bank's historical multiple of 1.8x (from 2001-10) to account for a lower post-cycle return profile. Downside risks include a reversal of recent credit trends and greater-than-expected loan balance declines."

Jefferies maintains Hold on KEY.


Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/04/1015250/update-jefferies-lowers-pt-on-keycorp-to-9-50-key#ixzz1JyoXPhS0
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