Baird downgraded KeyCorp (KEY) to Underperform from Neutral with an unchanged price target of $18. The firm sees limited upside to bank stocks in 2026. Bank valuations largely reflect a favorable outlook, as most of Baird’s valuation measures suggest the group is at or above fair value, the analyst tells investors in a research note. The firm says mega cap valuations are not attractive. As such, it downgraded KeyCorp and Wells Fargo to Underperform.
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