US Stocks Move: KeyCorp drops 3.6% pre-market after being downgraded by Evercore ISI

Golden Ten Data July 24｜Zions Bank (ZION.US) fell 3.6% before the market open, trading at $66.6. According to reports, on July 23, Evercore ISI downgraded its rating from "Outperform" to "In Line" and lowered its price target from $74 to $68. Based on the share price of $70.07, the new target implies about 3% downside. Analysts believe that rising funding costs and intense competition for bank deposits will limit net interest income growth. As the effects of interest rate hikes become apparent, banks' funding costs remain under pressure, posing a direct challenge to the profitability of regional banks.