Raymond James upgraded Charles Schwab shares to outperform. The firm's price target implies shares could rally more than 28% from Friday's close.
Raymond James thinks Charles Schwab 's core business remains healthy despite concerns about the volatility in the banking system. Analyst Patrick O'Shaughnessy upgraded the brokerage to outperform from market perform. His price target of $63 implies shares could gain 28.7% from Friday's close. Schwab's "core franchise [is] still healthy," the analyst wrote in a Monday note to clients.
" However, he added that signs of client cash sorting seeming to taper at Schwab should also support balance sheet and net interest margin stabilization in the latter half of 2023. "The company has very little credit risk and an attractive core growth story that was unaffected by recent macro events, which we believe can lead to P/E multiple re-rating once EPS estimates stabilize," O'Shaughnessy continued.
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