Raymond James upgrades Schwab to outperform from perform
Raymond James on Monday upgraded financial firm The Charles Schwab Corp. (SCHW) to outperform from market perform, with a price target of $63 a share. Raymond James analyst Patrick O'Shaughnessy said, "recent data indicates that client cash sorting at Schwab is tapering, which should support balance sheet and net interest margin stabilization in the second half of 2023." Although the company faces a stricter regulatory regime, the incremental risk to its Schwab's earnings is likely to be "somewhat" limited, O'Shaughnessy said. Schwab now offers "very little credit risk and an attractive core growth story that was unaffected by recent macro events," he said. Schwab's stock is down 41.2% in 2023, compared to a 7.4% increase by the S&P 500 .
-Steve Gelsi
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