KeyCorp
KEY: XNYS (USA)
| Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
|---|---|---|---|
| $18.00 | Qgj | Kzvpycys |
Decreasing Our Fair Value Estimate for KeyCorp Slightly to $19; Firm Still Has Positive NII Drivers
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Business Strategy and Outlook
KeyCorp is a midsize U.S. regional bank. The firm has the largest relative exposure to investment banking-related fees among the regional banks under our coverage, is investing in a unique digitally focused retail business (Laurel Road), and has an odd geographic mix, as Ohio, New York, and Washington state are its three largest deposit markets.