Baird upgraded the stock and said it was "attractive" at current prices.

"We like KEY shares and find the risk/reward of the stock to be attractive at current prices. While we are cognizant of the yield curve challenges banks are facing, we are of the view that many of the stocks are now discounting a tougher NII outlook, and the short case is tougher to make here. We think KEY stacks up reasonably well given its ~4.4% proforma dividend yield, ~8.5x forward P/E multiple, and relative rate positioning."