Analyst Note
| Eric Compton, CFA |No-moat KeyCorp reported second-quarter earnings per share of $0.54, above the FactSet consensus EPS of $0.51. Revenue came in at $1.79 billion, in line with the consensus estimate. Despite fees being underwhelming, all other parts of the bank seemed to be doing well. KeyCorp remains one of the cheapest regionals we cover and one to keep an eye on. As we incorporate these results, with the combination of improving net interest income and expense outlook roughly offsetting a worsening fee outlook, we do not plan to substantially change our $26 fair value estimate.