S&P Capital IQ Reiterates its BUY Rating on Keycorp

October 21 00:00 2011

NEW YORK, October 21 (RainbowNewsLine.com) – Analyst Erik Oja of S&P Capital IQ maintains his BUY rating on the shares of KeyCorp (NYSE:KEY), while raising his estimates for the company. The target price is set to $11.

Analyst Erik Oja, in a research note published yesterday mentions that the company reported its Q3 EPS ahead of the estimates, supported by reserve release. The EPS estimate for 2011 has been raised from $0.84 to $0.90 to reflect further reserve release in next four quarters. Larger releases are possible given the company’s high reserves, and the increase in the loan portfolio was the first quarter increase in three years, the analyst says.