KeyCorp Analysts Increase Their Forecasts After Upbeat Q3 Earnings

Core Insights - KeyCorp reported better-than-expected earnings for Q3, with adjusted earnings of 41 cents per share, surpassing market estimates of 38 cents per share [1] - Quarterly sales reached $1.895 billion, exceeding expectations of $1.881 billion [1] Financial Performance - Adjusted revenue increased by 17% year-over-year [2] - The company achieved over 1,000 basis points of operating leverage in the quarter [2] - Revenue growth was attributed to net interest income tailwinds and an 8% increase in adjusted noninterest income, which outpaced expense growth [2] - Tangible book value per share grew by 4% sequentially and 14% year-over-year [2] Stock Performance - KeyCorp shares rose by 0.6%, trading at $16.88 following the earnings announcement [2] Analyst Ratings - Truist Securities analyst Brian Foran maintained a Hold rating and lowered the price target from $20 to $19 [5] - DA Davidson analyst Peter Winter maintained a Buy rating and reduced the price target from $22 to $21 [5]