WFC - KeyCorp downgraded to hold at Jefferies as NII seen rising less than peers

Jefferies analyst Ken Usdin has downgraded KeyCorp (NYSE:KEY) stock to Hold from Buy as he expects the bank's net interest income to rise less than its peers. The analyst trimmed his price estimate for KEY to $22 from $30. KeyCorp (KEY) stock, though, gains 2.5% in Monday morning trading, following most other bank stocks up. For banks in general, Usdin sees higher rates and "decent loan growth" pushing up net interest income and more than making up for weak fees, higher loan loss provisions, and lower stock buybacks. As a result, the analyst has increased 10 of his EPS estimates — eight in 2022 and two in 2023 Usdin's top picks are Wells Fargo (WFC), Comerica (CMA), and Zions Bancorporation (ZION) in large-cap banks and Webster Financial (WBS), Signature Bank (SBNY) and SVB Financial (SIVB) in mid-caps. Usdin's Hold rating on KeyCorp (KEY) agrees with the SA Quant rating and diverges from

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KeyCorp downgraded to hold at Jefferies as NII seen rising less than peers