KeyCorp

KEY: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$62.00	Dtc	Rcpcdydk

Decreasing Our Fair Value Estimate for KeyCorp Slightly to $19; Firm Still Has Positive NII Drivers

Michael Wong ,

Mar 27, 2024

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.

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United States