<p>KeyCorp，这家金融行业公司，昨天被华尔街分析师重新评估。来自花旗的分析师 Keith Horowitz 对该股票维持了持有评级，并设定了 22.00 美元的目标价。</p>
<p>Keith Horowitz 之所以给予持有评级，是由于改善的基本面与大致反映的估值之间的平衡。他强调，KeyCorp 的净利息收入轨迹依然稳健，受益于固定利率资产的持续重新定价以及对利润率的掉期相关压力减弱，这将支持到 2026 年净利息利润率的适度扩张。他的预测显示，健康的收入和费用增长，加上更严格的费用控制和良好的信贷环境，预计到 2026 年净坏账将保持在可管理的范围内。同时，他指出，这些积极因素在市场上得到了广泛认可，限制了上涨空间，即使管理层在资本部署和更大规模的股票回购计划上的更明确立场支持了盈利前景，并证明了适度提高目标价的合理性。</p>
<p>Horowitz 还指出，他的收入预期与市场共识大致一致，只有来自更强资本市场费用和更好成本控制的适度上行。他认为，该银行的贷款和存款增长趋势以及存款定价策略是积极的，但不足以推动更激进的推荐。他承认，改善的资本回报计划，包括预计在 2026 年进行 10 亿美元的股票回购，有助于支持约 15% 的正常化有形普通股权益回报假设。然而，考虑到预计的股价回报大约在当前水平的中低个位数，他得出结论，风险与回报的特征是平衡的，因此他重申持有评级，而不是转向更乐观的立场。</p>
<p>在 12 月 22 日发布的另一份报告中，Truist Financial 也对该股票维持了持有评级，目标价为 22.00 美元。</p>
<p>KEY 的股价在过去六个月中也发生了适度变化，从 17.420 美元上涨至 20.730 美元，涨幅为 19.00%。</p>

科凯国际

<p>KeyCorp 在花旗分析师 Keith Horowitz 的评级中维持 “持有” 评级，目标价为 22.00 美元。该评级反映了基本面和资本回报的改善，但由于市场对这些积极因素的认可，潜在上涨空间有限。KeyCorp 的净利息收入和收入增长稳健，同时净坏账可控。尽管预计到 2026 年将回购 10 亿美元的股票，但预期的股价回报为中个位数，导致风险与回报的平衡。Truist Financial 也维持 “持有” 评级，目标价相同。在过去六个月中，KEY 的股价上涨了 19.00%</p>

<p>KeyCorp, the Financial sector company, was revisited by a Wall Street analyst yesterday. Analyst Keith Horowitz from Citi maintained a Hold rating on the stock and has a $22.00 price target.</p>
<div class="lb-trans"><p>KeyCorp，这家金融行业公司，昨天被华尔街分析师重新评估。来自花旗的分析师 Keith Horowitz 对该股票维持了持有评级，并设定了 22.00 美元的目标价。</p>
</div><p>Keith Horowitz has given his Hold rating due to a combination of factors that balance improving fundamentals with a largely reflected valuation. He highlights that KeyCorp’s net interest income trajectory remains solid, driven by ongoing repricing of fixed-rate assets and diminishing swap-related pressure on margins, which should support modest net interest margin expansion into 2026. His forecasts call for healthy revenue and fee growth, alongside tighter expense control and a benign credit environment, with net charge-offs expected to remain within a manageable range through 2026. At the same time, he notes that these positives are broadly appreciated by the market, limiting upside, even as management’s clearer stance on capital deployment and larger planned share repurchases support the profitability outlook and justify a modestly higher price target.</p>
<div class="lb-trans"><p>Keith Horowitz 之所以给予持有评级，是由于改善的基本面与大致反映的估值之间的平衡。他强调，KeyCorp 的净利息收入轨迹依然稳健，受益于固定利率资产的持续重新定价以及对利润率的掉期相关压力减弱，这将支持到 2026 年净利息利润率的适度扩张。他的预测显示，健康的收入和费用增长，加上更严格的费用控制和良好的信贷环境，预计到 2026 年净坏账将保持在可管理的范围内。同时，他指出，这些积极因素在市场上得到了广泛认可，限制了上涨空间，即使管理层在资本部署和更大规模的股票回购计划上的更明确立场支持了盈利前景，并证明了适度提高目标价的合理性。</p>
</div><p>Horowitz also points out that his revenue expectations are broadly aligned with consensus, with only modest upside stemming from stronger capital markets fees and better cost discipline. The bank’s loan and deposit growth trends, as well as its deposit pricing strategy, are viewed as constructive but not sufficiently differentiated to drive a more aggressive recommendation. He acknowledges that improved capital return plans, including a projected $1 billion in share buybacks in 2026, help support a higher normalized return on tangible common equity assumption of around 15%. However, with the expected share price return of roughly mid‑single digits from current levels, he concludes that the risk‑reward profile is balanced, leading him to reiterate a Hold rather than move to a more bullish stance.</p>
<div class="lb-trans"><p>Horowitz 还指出，他的收入预期与市场共识大致一致，只有来自更强资本市场费用和更好成本控制的适度上行。他认为，该银行的贷款和存款增长趋势以及存款定价策略是积极的，但不足以推动更激进的推荐。他承认，改善的资本回报计划，包括预计在 2026 年进行 10 亿美元的股票回购，有助于支持约 15% 的正常化有形普通股权益回报假设。然而，考虑到预计的股价回报大约在当前水平的中低个位数，他得出结论，风险与回报的特征是平衡的，因此他重申持有评级，而不是转向更乐观的立场。</p>
</div><p>In another report released on December 22, Truist Financial also maintained a Hold rating on the stock with a $22.00 price target.</p>
<div class="lb-trans"><p>在 12 月 22 日发布的另一份报告中，Truist Financial 也对该股票维持了持有评级，目标价为 22.00 美元。</p>
</div><p>KEY’s price has also changed moderately for the past six months – from $17.420 to $20.730, which is a 19.00% increase.</p>
<div class="lb-trans"><p>KEY 的股价在过去六个月中也发生了适度变化，从 17.420 美元上涨至 20.730 美元，涨幅为 19.00%。</p>
</div>

尽管科凯国际的基本面和资本回报有所改善，但由于风险回报保持平衡，其评级仍维持在持有