2023-07-12 11:41:54 ET
A Wall Street analyst lowered his price target on KeyCorp (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.
For further details see:
Why KeyCorp Stock Is Up Today