"In addition to the target, the company is also striving to create a more variable cost structure in order to maintain profitability and efficiency throughout market cycles," McEvoy wrote.
"Key is executing a strategy aiming to create a less volatile, lower risk revenue stream, and we are already starting to see positive trends within certain businesses," according to McEvoy, who added "the stock remains undervalued at 10.8x our '14 estimate and 1.1x TBV. Multiple expansion can continue this year, in our view, as a 'new' Key emerges from the financial crisis."
Interested in more on KeyCorp? See TheStreet Ratings' report card for this stock.-- Written by Philip van Doorn in Jupiter, Fla. >Contact by Email. Follow @PhilipvanDoorn
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV