"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."

KEY Chart KEY data by YCharts

Interested in more on KeyCorp? See TheStreet Ratings' report card for this stock.

-- Written by Philip van Doorn in Jupiter, Fla.

>Contact by Email.

Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.

If you liked this article you might like

How to Make Easy Money on Apple's iPhone X Worldwide Reveal: Market Recon

These Stocks Have Changed Direction

Why I Love Apple, Alphabet, Nvidia and These Other Stocks for September

14 Bank Stocks That Will Either Surge or Do Nothing