"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
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