KeyCorp (KEY)

KeyCorp (<a href=&quot;javascript:void(0)&quot; onclick=&quot;quotepop(&#39;key&#39;)&quot;>KEY</a>) - KeyCorp&#39;s 3Q08 loss from continuing operations came in at $0.10 per share, substantially worse than the estimates. The lower-than-expected results mainly stemmed from a steep rise in loan loss provisions and an adverse impact of derivative contract losses. <p> However, positive trends were visible in some fee-based businesses and the expenses remained well controlled. Also, the Community Banking group continues to perform well. Credit quality was mixed during the quarter. <p> Though the company has taken steps to reduce its exposure to the Commercial Real Estate (CRE) home builders segment, we anticipate higher losses in CRE portfolio in the coming quarters in view of its sizeable exposure to risky markets. As such, we are maintaining our Sell rating on the shares of KEY, with a six-month price target of $7.50 per share.

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