KeyBanc Capital Markets
KeyBanc Capital Markets is the corporate and investment banking arm of Cleveland-based KeyCorp. Its equity research covers more than 500 US companies, with depth in industrials, technology, healthcare, energy and real estate.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 41112M
- Actions
- 1,68612M
- Ratings / Price targets
- 982 / 704
- Upgrades / Downgrades
- 66 / 70
- Initiations
- 42
- Buy-rated
- 73%of 391 rated
- Median upside
- +20.2%
- Targets raised / lowered
- 406 / 177
- On record
- Feb 2012 – Sep 2026
Overview
KeyBanc rated 550 companies as of November 2025, with coverage spanning consumer and retail, healthcare, industrials and basic materials, oil and gas, real estate, utilities and renewables, and technology. Underweight ratings made up 2% of the universe in November 2025.
The firm traces its roots to McDonald & Company, a Cleveland brokerage formed in the 1920s by Bert McDonald and James Callahan that went public in 1983. KeyCorp acquired McDonald in 1998. In 2007 KeyCorp sold the McDonald Investments retail branch network to UBS and kept the institutional businesses, including investment banking, capital markets and research, which operate as KeyBanc Capital Markets Inc.
Milestones
- 1983
McDonald & Company goes public
- 1998
KeyCorp acquires McDonald & Company Investments
- 2007
Retail brokerage sold to UBS; broker-dealer renamed KeyBanc Capital Markets
Research philosophy
We bring multiple points of view to a company, industry, and thematic shift, benefiting clients through early identification, deeper insights, and better investment decisions.
KeyBanc Capital Markets combines sector expertise and collaboration across its research teams with quantitative analysis, industry contacts and checks with suppliers and distributors. Analysts also use Key First Look Data, a proprietary dataset drawn from more than 1.8 million KeyBank credit and debit card customers as of 2024. The data provides an early indication of consumer demand, including spending on Apple products.
Rating methodology
Stocks are rated Overweight, Sector Weight or Underweight relative to the analyst's coverage sector over the coming 6–12 months.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Alphabet Inc.GOOGL | Overweight | $425 |
 NVIDIA CorporationNVDA | Overweight | $330 |
 Dycom Industries, Inc.DY | Overweight | $429 |
 Netflix, Inc.NFLX | Overweight | $92 |
 Zscaler, Inc.ZS | Overweight | $210 |
 McDonald's CorporationMCD | Overweight | $315 |
 MasTec, Inc.MTZ | Overweight | $371 |
 Netskope, Inc. Class A Common StockNTSK | Overweight | $17.50 |
 Okta, Inc.OKTA | Overweight | $190 |
 Parker-Hannifin CorporationPH | Overweight | $1,210 |
Most active analysts
- Justin Patterson36 notesNFLXDASHROKU
- Jeffrey Hammond29 notesHLIOGTESPH
- John Vinh29 notesAVGONVDAMPWR
- Jackson Ader26 notesADBEFSLYMSFT
- Jason Celino23 notesSNPSFROGTEAM
- Sangita Jain22 notesDYPSNMTZ
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| Sep 22 | GRGuardian Pharmacy Services, Inc.GRDN | Initiate | Overweight | $52 | |
| Sep 22 |  Brinker International, Inc.EAT | Upgrade | Overweight | ||
| Sep 22 |  Plexus Corp.PLXS | Upgrade | Sector Weight →Overweight | ||
| Sep 21 | Plexus Corp.PLXS | Target | $300 | Steve Barger | |
| Sep 21 | Brinker International, Inc.EAT | Reiterate | Overweight | ||
| Sep 21 | McDonald's CorporationMCD | Reiterate | Overweight | ||
| Sep 21 | PAPaycom Software, Inc.PAYC | Reiterate | Overweight | $195 →$280 | |
| Sep 21 | Dycom Industries, Inc.DY | Reiterate | Overweight | $423 →$429 | |
| Sep 18 | Brinker International, Inc.EAT | Target | $275 →$270 |