KeyCorp price target raised to $23 from $21 at DA Davidson

DA Davidson analyst Peter Winter raised the firm’s price target on KeyCorp (KEY) to $23 from $21 and keeps a Buy rating on the shares. The company’s Goldman Sachs U.S. Financial Services Conference presentation confirmed it will not be pursuing bank acquisitions, using excess capital to support organic growth and accelerate share buybacks, the analyst tells investors in a research note. This as very positive as the stock always reacts negatively whenever KeyCorp mentions an interest in bank M&A, the firm noted, adding that it is also seeing better than expected revenue momentum, while maintaining a positive credit outlook into next year.