KeyBanc Capital Markets
KeyBanc Capital Markets Inc.
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.
Company history
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.
- 1983McDonald & Company goes public
- 1998KeyCorp acquires McDonald & Company Investments
- 2007Retail brokerage sold to UBS; broker-dealer renamed KeyBanc Capital Markets
Research
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. Stocks are rated Overweight, Sector Weight or Underweight relative to the analyst's coverage sector over the coming 6–12 months; Underweight ratings made up 2% of the universe in November 2025.
Coverage12M
- Stocks
- 411
- Ratings
- 982
- Price targets
- 704
- Median upside
- +20.2%
- Upgrades
- 66
- Downgrades
- 70
- Initiations
- 42
- Reiterations
- 804
- Targets raised
- 406
- Targets cut
- 177
- Positive73%286
- Neutral24%94
- Negative3%11
Sectors
Ratings
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 GOOGLAlphabet Inc. | Overweight | $425 |
 NVDANVIDIA Corporation | Overweight | $330 |
 DYDycom Industries, Inc. | Overweight | $429 |
 NFLXNetflix, Inc. | Overweight | $92 |
 ZSZscaler, Inc. | Overweight | $210 |
 MCDMcDonald's Corporation | Overweight | $315 |
 MTZMasTec, Inc. | Overweight | $371 |
 NTSKNetskope, Inc. Class A Common Stock | Overweight | $17.50 |
 OKTAOkta, Inc. | Overweight | $190 |
 PHParker-Hannifin Corporation | Overweight | $1,210 |
Analysts24M
- Justin PattersonNFLX · DASH · ROKU36
- Jeffrey HammondHLIO · GTES · PH29
- John VinhAVGO · NVDA · MPWR29
- Jackson AderADBE · FSLY · MSFT26
- Jason CelinoSNPS · FROG · TEAM23
- Sangita JainDY · PSN · MTZ22
Recent actions
| Stock | Rating action | Rating | Target | Date |
|---|---|---|---|---|
| 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 22 | |
| Plexus Corp.PLXS | Target | $300 | 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 21 |
| Brinker International, Inc.EAT | Target | $275 →$270 | Sep 18 |
Similar coverage12M
References
- Equity Research | Keykey.com
- Institutional Equities experts | Keykey.com
- McDonald & Co. - Wikipediaen.wikipedia.org
- McDonald & Co. Securities - Encyclopedia of Cleveland Historycase.edu
- McDonald Investments advisers move to UBS - Rochester Business Journalrbj.net
- KeyBanc research report with rating disclosures (Nov 2025)scribd.com