Jefferies Maintains Hold on KeyCorp

Jefferies is out with its report today on KeyCorp KEY, maintaining Hold. In a note to clients, Jefferies writes, "Operating trends were generally inline with our expectations, and we make no change to the forward pre-provision run rate or outer-year EPS estimates. Our '11 estimate increases by a dime (to $0.85) due to the credit-related beat. Trading at 0.9x tangible book value of $8.90, we believe downside should be limited from here, but KEY's depressed ROE profile keeps us on the sidelines." Jeffferies maintains a $9.50 PT on KEY. At the time of posting, shares of KEY were trading pre-market at $8.16, up 1.24% from Tuesday's close.