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Upgrade Alert for Keycorp (KEY)

By James Quinn

Keycorp (NYSE:KEY) was upgraded from Market Perform to Outperform at FBR Capital today. The stock closed yesterday at $11.22 on volume of 11.2 million shares, below average daily volume of 12.8 million.

KeyCorp is a financial services holding company. The Company provides a wide range of retail and commercial banking, commercial leasing, investment management, consumer finance and investment banking products and services to individual, corporate and institutional clients.

In the past 52 weeks, shares of Keycorp have traded between a low of $9.88 and a high of $15.70 and closed yesterday at $11.22, which is 14% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 1.0%.

Keycorp has overhead space with shares priced $11.22, or 25.3% below the average consensus analyst price target of $15.02. The stock should find initial resistance at its 50-day moving average (MA) of $11.43 and further resistance at its 200-day MA of $12.56.

SmarTrend recommended that its subscribers protect gains by selling shares of Keycorp on June 16th, 2016 by issuing a Downtrend alert when the shares were trading at $11.47. Since that call, shares of Keycorp have fallen 3.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades keycorp

Ticker(s): KEY