As previously reported, TD Cowen upgraded KeyCorp (KEY) to Buy from Hold with a price target of $24, up from $19. The firm notes CEO Chris Gorman presented at an investor conference delivering favorable updates, including a new long-term ROTCE target of 16%-19%. Most importantly, with the risk of the company using a depressed currency to pursue a bank deal keeping TD on the sidelines, CEO Chris Gorman slammed the door closed on this possibility.
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