Investors aren't holding their breaths as banks kick off the third-quarter earnings season in earnest Friday. However, analysts expect some names in the space to shine. Banks have suffered as interest rates linger at higher levels for longer, making the cost of borrowing money more expensive. A looming recession could also reduce loan demand and consumer spending as well as make it harder for borrowers to repay outstanding loans.
Outperforming other financials, measured by screening for stocks down less than the 3% the Financial Select Sector SPDR Fund has shed in the last three months. KeyCorp has the most upside potential out of the three names on the list, with analysts expecting the Cleveland-based regional bank to surge 20% in the next 12 months. The stock has struggled this year, plunging more than 40%.
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