A Wall Street analyst lowered his price target on (NYSE: KEY), but was very upbeat about the company's prospects in doing so. Investors are focused on the positive, sending shares of KeyCorp up more than 3% on Tuesday.
KeyCorp, the holding company for KeyBank, has been caught up in the turmoil caused by high-profile bank failures that happened earlier this year. The company's shares are down more than 40% year to date as investors fret about the health of midsize banks, as well as Key's struggles to adjust to rising interest rates.
There is no easy solution to these problems, but there is reason for long-term optimism. On Tuesday, Citigroup analyst Keith Horowitz lowered his price target on KeyCorp to $14, from $15, but kept a buy rating on the shares.
Source Fool.com