KeyCorp: Tough Sledding, But I See A Clear Path Ahead
Summary: KeyCorp's stock has significantly underperformed the broader market so far in 2020. The bank reported Q3 2020 results that were actually well-received by the market (outside of its net interest margin), unlike most of the other banks that I follow. The operating environment for KeyCorp will be challenging through at least the remainder of 2020, but I see the backdrop improving in early 2021. We're long KeyCorp, and we have no plans to reduce our stake in the near fut