KeyBanc Capital Markets
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KeyBanc Capital Markets, the investment banking and equity research division of KeyCorp, traces its roots to Key National Bank of the East, which was founded in 1849 and evolved through numerous mergers and acquisitions into one of the largest regional financial institutions in the United States. The firm maintains a substantial research presence covering US equities with over 7,300 analyst ratings calls in our database, positioning it as a consistent voice in equity research across multiple sectors. KeyBanc is particularly well-known for their deep expertise in technology, healthcare, industrials, and consumer discretionary sectors, where they maintain dedicated analyst teams that have built strong reputations for sector-specific insights and on-the-ground company engagement. What distinguishes KeyBanc's research culture is their emphasis on fundamental bottom-up analysis combined with a disciplined approach to valuation work, earning them respect among institutional investors who value detailed company visitation programs and detailed earnings models alongside their equity call recommendations.
Upgrades
605
80.0% win rate
· avg +2.46% D1
Downgrades
708
77.68% win rate
· avg -3.33% D1
Avg Gap — Upgrades
+2.17%
open vs prev close
Avg Gap — Downgrades
-3.18%
open vs prev close
Performance by Sector
| Sector | ↑ Win% | ↑ D1 | ↓ Win% | ↓ D1 |
|---|---|---|---|---|
| Industrials | 85.16% (155) | +2.60% | 77.78% (171) | -3.02% |
| Consumer Cyclical | 81.72% (93) | +2.69% | 78.57% (126) | -2.63% |
| Technology | 78.41% (88) | +3.47% | 79.82% (109) | -5.23% |
| Real Estate | 72.73% (77) | +1.03% | 71.79% (78) | -1.09% |
| Basic Materials | 83.64% (55) | +3.06% | 88.14% (59) | -2.50% |
| Utilities | 78.38% (37) | +1.70% | 68.18% (44) | -0.93% |
| Healthcare | 76.32% (38) | +2.35% | 80.49% (41) | -5.36% |
| Communication Services | 78.57% (28) | +2.19% | 76.67% (30) | -6.07% |
| Energy | 61.90% (21) | +2.32% | 79.17% (24) | -6.80% |
| Consumer Defensive | — | — | 71.43% (14) | -4.06% |
Win Rate by Year
| Year | ↑ Win% | ↑ Calls | ↓ Win% | ↓ Calls |
|---|---|---|---|---|
| 2026 | 89.3% | 28 | 72.7% | 22 |
| 2025 | 75.0% | 76 | 82.9% | 70 |
| 2024 | 79.4% | 34 | 80.0% | 50 |
| 2023 | 73.2% | 41 | 71.0% | 62 |
| 2022 | 79.5% | 39 | 75.3% | 81 |
| 2021 | 81.5% | 54 | 78.0% | 50 |
| 2020 | 80.0% | 75 | 66.1% | 56 |
| 2019 | 78.6% | 42 | 81.1% | 53 |
| 2018 | 78.8% | 33 | 76.9% | 39 |
| 2017 | 78.3% | 46 | 86.8% | 38 |
Recent Calls
| Date | Ticker | Company | Sector | Action | Grade Change | PT | Gap | D1 |
|---|---|---|---|---|---|---|---|---|
| May 18, 2026 | NVDA | NVIDIA Corporation | Technology | Reiterates | Overweight | $300 | +2.0% | -1.3% |
| May 18, 2026 | YSWY | Yesway, Inc. | — | Initiates | Overweight | $31 | -2.4% | -2.2% |
| May 18, 2026 | NHP | National Healthcare Properties, Inc. (NHP) | Real Estate | Initiates | Sector Weight | — | -0.9% | +1.2% |
| May 14, 2026 | DOCS | Doximity, Inc. | Healthcare | Downgrade | Overweight → Sector Weight | — | -21.9% | -23.0% |
| May 13, 2026 | ZBRA | Zebra Technologies Corporation | Technology | Upgrade | Sector Weight → Overweight | $305 | +2.8% | +2.1% |
| May 8, 2026 | TTD | The Trade Desk, Inc. | Technology | Downgrade | Overweight → Sector Weight | — | -10.7% | -1.7% |
| May 7, 2026 | ANGI | Angi Inc. | Communication Services | Downgrade | Overweight → Sector Weight | — | -0.4% | +9.2% |
| May 1, 2026 | ONEW | OneWater Marine Inc. | Consumer Cyclical | Maintains | Overweight → Overweight | — | +1.5% | +4.4% |
| May 1, 2026 | PATK | Patrick Industries, Inc. | Consumer Cyclical | Maintains | Overweight → Overweight | — | +0.1% | -4.4% |
| May 1, 2026 | BLDR | Builders FirstSource, Inc. | Industrials | Maintains | Overweight → Overweight | — | +0.9% | -4.3% |
| May 1, 2026 | THC | Tenet Healthcare Corporation | Healthcare | Maintains | Overweight → Overweight | — | +1.1% | +3.5% |
| May 1, 2026 | WCC | WESCO International, Inc. | Industrials | Maintains | Overweight → Overweight | — | +0.9% | +1.6% |
| May 1, 2026 | ROKU | Roku, Inc. | Communication Services | Maintains | Overweight → Overweight | — | +7.7% | +6.0% |
| May 1, 2026 | TWLO | Twilio Inc. | Communication Services | Maintains | Overweight → Overweight | — | +20.1% | +23.8% |
| May 1, 2026 | MPWR | Monolithic Power Systems, Inc. | Technology | Maintains | Overweight → Overweight | — | -3.1% | -1.9% |
| May 1, 2026 | TT | Trane Technologies plc | Industrials | Maintains | Overweight → Overweight | — | +0.5% | -1.2% |
| Apr 30, 2026 | MTRN | Materion Corporation | Basic Materials | Maintains | Overweight → Overweight | — | +2.5% | +6.5% |
| Apr 30, 2026 | SBAC | SBA Communications Corporation | Real Estate | Maintains | Overweight → Overweight | — | -0.4% | +2.4% |
| Apr 30, 2026 | AMZN | Amazon.com, Inc. | Consumer Cyclical | Maintains | Overweight → Overweight | — | +3.9% | +0.8% |
| Apr 30, 2026 | GOOGL | Alphabet Inc. | Communication Services | Maintains | Overweight → Overweight | — | +6.9% | +10.0% |
| Apr 30, 2026 | AMZN | Amazon.com, Inc. | Consumer Cyclical | Reiterates | Overweight | $330 | +3.9% | +0.8% |
| Apr 29, 2026 | OMCL | Omnicell, Inc. | Healthcare | Maintains | Overweight → Overweight | — | +0.0% | -5.3% |
| Apr 29, 2026 | CURB | Curbline Properties Corp. | Real Estate | Maintains | Overweight → Overweight | — | -0.3% | -3.9% |
| Apr 29, 2026 | CVLT | Commvault Systems, Inc. | Technology | Maintains | Overweight → Overweight | — | +0.5% | +3.3% |
| Apr 29, 2026 | EGP | EastGroup Properties, Inc. | Real Estate | Maintains | Overweight → Overweight | — | -0.5% | -2.0% |