Citi on Monday upgraded shares of M&T Bank Corp. MTB, +2.28% and KeyCorp. KEY, +5.24% to buy as offering an attractive risk/reward after an analysis of bank balance sheets. KeyCorp. offers the largest benefit from repricing of fixed assets, which will help its profits in 2024 and 2025, Citi analyst Keith Horowitz said. M&T Bank ranks as a “high-quality play and we see excellent value” for a bank with peer-leading returns and the strongest capital position, he said. Shares of KeyCorp rose 7% in premarket trades, while M&T Bank is up about 3%.
